【SMM HRC Weekly Balance & Social Inventory Review】Limited Supply Increase, Social Inventory Decline Continues to Expand Some steel mills shifted pig iron production, leading to a slight reduction in HRC supply. Futures fluctuated rangebound, and market procurement demand improved compared to the previous period. With weak supply and strong demand, the decline in social inventory expanded. Looking ahead, steel mills remain highly motivated to produce, and there are few new maintenance plans. Supply pressure is expected to rebound, but demand resilience will persist. In the short term, national social inventory is projected to continue declining...

【SMM Steel Morning Meeting Summary】Fundamentally, driven by demand from some downstream industries and export rush, HRC demand remains resilient. It is expected that HRC prices will fluctuate within the range of 3,160-3,300 in the short term.

【SMM HRC Daily Trading】On April 23, the total daily trading volume of HRC from sample enterprises in four cities (Shanghai, Lecong, Tianjin, Ningbo) monitored by SMM was 16,120 mt, down 5,140 mt WoW, up 46.8%. Futures surged today, and spot prices increased by 20-60 yuan/mt. The easing of overseas trade frictions and the reduction of domestic panic sentiment improved the market trading atmosphere, leading to a significant WoW increase in daily trading volume.

【SMM Daily Brief on Coal and Coke】 In terms of supply, coke enterprises have profit margins, with good production enthusiasm, stable coke supply, and favorable shipment conditions, maintaining low inventory levels. Demand side, steel mills exhibit high production enthusiasm, with pig iron production consistently at high levels, creating a rigid demand for coke. In summary, as the Labour Day holiday approaches, the restocking demand from steel mills has been released, coupled with low inventory levels at coke enterprises, the supply and demand of coke remain in a tight balance. However, recent cost support has weakened, and the short-term coke market may continue to operate steadily.