【SMM Steel Morning Meeting Summary】The quoted price for low-sulphur coking coal in Linfen is 1,330 yuan/mt. The quoted price for low-sulphur coking coal in Tangshan is 1,370 yuan/mt. In terms of fundamentals, mines maintained normal operations, and supply remained stable. Downstream purchases were mainly based on previous orders, while traders were cautious in their purchases. Mines had fewer new orders, and shipments were sluggish. Auction transaction prices declined, and the number of failed auctions increased. The spot market for coking coal showed signs of weakening. In summary, the coking coal market is expected to gradually weaken in the short term.

【SMM HRC Daily Trading】On April 24, the total daily trading volume of HRC in SMM's four-city (Shanghai, Lecong, Tianjin, Ningbo) sample enterprises was 10,640 mt, down 5,480 mt or 34% MoM. Today, HRC futures declined in a stepwise manner, while spot prices dropped by 10-40 yuan/mt. Futures weakened again, and market sentiment turned cautious, leading to a significant MoM decline in daily trading volume.

【SMM Coal and Coke Daily Brief】 Supply side, coke enterprises have profit margins, with high production enthusiasm, and smooth coke shipments, the supply-demand pattern of coke performs well. Demand side, pig iron in steel mills remains at a high level, with a high daily average production of pig iron, creating a rigid demand for coke. In summary, the fundamentals of coke are generally healthy, but with insufficient cost support, the coke market will maintain a stable pattern in the short term.

This week, the social inventory of HRC was 2.2917 million mt, down 145,800 mt WoW, down 5.98% WoW, down 14.23% YoY, and down 10.53% on a lunar YoY basis. This week, the in-plant inventory of HRC was 1.1094 million mt, down 16,000 mt WoW, down 1.42% WoW, up 1.91% YoY, and up 4.66% on a lunar YoY basis. This week, the total inventory of HRC was 3.4011 million mt, down 161,700 mt WoW, down 4.54% WoW, down 9.56% YoY, and down 8.70% on a lunar YoY basis.

【SMM Ningbo HRC Inventory】This week, the large sample inventory in Ningbo was 352,000 mt, down 2,600 mt WoW, a decline of 0.73%, and a YoY decline of 6.83%.

【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...