[SMM Hot-rolled Arrival] Price spread drives, with significant divergence in arrival volumes between south and east China this week

Published: Jun 10, 2025 18:16

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SMM Steel News on June 10: According to SMM statistics, the estimated total resource shipments in the mainstream market this week were 255,400 mt, up 19,000 mt WoW from the shipment level last week. By market:

SMM Steel News on June 10: According to SMM statistics, the estimated total resource shipments in the mainstream market this week were 255,400 mt, representing an increase of 19,000 mt WoW from the previous week's shipment level. By market:

Table 1: Comparison of Arrivals in Mainstream Markets

Source: SMM Steel

Shanghai Market: Shipments in the Shanghai market decreased WoW this week. Specifically, shipments from north and east China remained stable, while shipments from north-east and south China decreased WoW. Looking ahead, with HRC prices in the doldrums and Shanghai's prices being lower compared to those in south China, some mainstream steel mills have low willingness to ship, and arrivals in the Shanghai market are expected to remain low in the short term.

Chart-1: Arrivals in the Shanghai Market

Source: SMM Steel

Lecong Market: Shipments to the Lecong market increased significantly WoW this week. Specifically, on the one hand, resources from north China remained stable. On the other hand, due to price spread advantages, there was a clear shipping preference for local mainstream resources DDH and WG. Looking ahead, with export order pressure for WG rebounding in the latter half of the month, domestic sales supply may increase. Meanwhile, with the price spread advantage in south China, some northern resources from earlier periods will also arrive at ports successively. Therefore, it is expected that arrivals in the Lecong market will remain at a relatively high level in the short term.

Chart-2: Arrivals in the Lecong Market

Source: SMM Steel

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