HRC futures prices held up well today, closing up 0.42% at 3,349 for the most-traded contract. Spot HRC prices showed mixed performance nationwide, while most spot cold-rolled coil prices remained stable, with overall trading activity moderate.

Raw material side, stronger iron ore prices today drove up steel prices. According to SMM statistics, this week (September 6-12), the hot metal impact from maintenance totaled 1.1042 million mt, down 423,600 mt WoW, indicating a notable rebound in hot metal production. This further strengthened iron ore price support, with cost-side expectations remaining favorable.

HRC side, September production of cold-rolled and hot-rolled sheets shows relatively small flexibility MoM. Demand is expected to see marginal improvement in mid-to-late September, with inventory in major cities likely approaching a destocking inflection point. The supply-demand imbalance remains unpronounced. Short-term, sheet prices may struggle to diverge from broader trends, moving sideways within the raw material price range until demand direction becomes clearer and the inventory turning point arrives.