Today, HRC futures and spot prices fluctuated rangebound, with the most-traded contract closing at 3253, down 0.31%. In the spot market, domestic quotes were mostly stable with individual declines, and overall trading performance was average. In overseas markets, HRC export quotes dropped slightly during the day. Today, HRC inventory data for some mainstream cities were released, with Lecong and Ningbo seeing a slight decrease in inventory, while Shenyang and Shanghai experienced a slight MoM accumulation in inventory. Attention should be paid to tomorrow's Thursday SMM HRC weekly supply-demand balance data.
In the short term, HRC inventory is expected to continue to decline slightly this week. Current inventory levels remain at a low point compared to the same period in recent years, with low fundamental contradictions. Coupled with the recent strengthening trend in cost, HRC prices are supported both above and below, and it is expected that the most-traded HRC contract will experience sideways movement in the short term, with an upper resistance level at 3300.