[SMM Daily Commentary on Hot Rolled Coils: Prices Decline Consecutivel

Published: Aug 12, 2024 17:35

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[SMM Daily Commentary on Hot Rolled Coils: Prices Decline Consecutively, Market Panic Intensifies] The hot rolled coil futures market plummeted today, closing at 3,374 in the afternoon, with a decline of 2.09%. The futures market plunged significantly, leading to a desolate trading atmosphere in most mainstream markets, where sentiments for a further price drop were prevalent, resulting in poor intraday transactions of hot rolled coils. According to SMM's tracking and research, China's total port shipments last week amounted to 263.47, an increase of 4% from the previous week, and export pressure has not yet emerged prominently, maintaining the status quo of a net exporter. In terms of costs, the fundamentals of coke have significantly worsened, with the third round of coke price cuts taking effect in some regions. Meanwhile, iron ore prices weakened, further weakening the cost support for hot rolled coils. In summary, it is expected that hot rolled coil prices will continue to oscillate weakly in the short term.

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