According to the SMM survey, the large-caliber inventory of SMM Ningbo HRC this week was 245,400 mt (as of July 16), a decrease of 11,100 mt WoW.This week, HRC prices fluctuated upward, with spot prices rising by 40-60 yuan/mt on a weekly basis. The futures market surged too rapidly, with spot prices and the intensity of end-use demand release remaining at a moderate level, and overall transactions were relatively stable. As of the afternoon close on July 18, the most-traded HRC 2510 futures contract closed at 3,310 yuan/mt.

Today, DCE iron ore futures jumped initially and then pulled back, with the most-traded contract I2509 closing at 785, up 0.38% for the day. Traders were highly motivated to sell.

[Domestic Iron Ore Brief Review: Hot Metal Production at High Levels Supports Iron Ore Demand; Iron Ore Concentrates Prices in West Liaoning May Have Room for Further Increase] Prices of domestically produced iron ore concentrates in west Liaoning have slightly increased, with ex-factory prices (wet basis, excluding tax) for 66% grade iron ore concentrates ranging from 780 to 790 yuan/mt. Iron ore futures have continuously surged, coupled with the impact of steel mills' increased procurement prices, leading to a significant upward trend in spot prices sought by beneficiation plants. However, steel mills are operating cautiously, with procurement mainly based on demand.

Specifically, in recent years, China's imports of non-oriented electrical steel have continued to decline. The total imports for the entire year of 2023 were 119,000 mt, while by the end of 2024, the total imports for the year were only 76,100 mt, representing a 36% YoY decrease. As of the first five months of 2025, the current total imports were only 26,100 mt, far below the average for the same period, with nearly all monthly YoY comparisons showing negative growth trends.Exports increased from 74.37 mt in 2023 to 805,100 mt in 2024, representing an 8% YoY increase. As of the first five months of 2025, the current total exports were 343,100 mt, with export volumes still showing an expansion trend.

This week, the total rebar inventory stood at 5.121 million mt, increasing by 21,200 mt or 0.42% WoW (previous value: -0.91%). Compared to the same period last lunar year, it decreased by 1.9578 million mt or 27.66% (previous value: -28.88%).