HRC futures prices fluctuated rangebound today, closing down 0.39% at 3,342 for the most-traded contract. National HRC spot prices weakened WoW, while cold-rolled spot prices mostly held steady. Overall trading performance was relatively weak, with market sentiment leaning pessimistic. According to foreign media reports, on Tuesday local time, US President Trump made an extraordinary demand: he wants the EU to impose a 100% tariff on both India and China for purchasing Russian energy, in an effort to pressure Russia to quickly end the Russia-Ukraine conflict. Following the news, ferrous metals prices weakened.

On HRC, inventory data for some major markets were released today. This week, Shenyang HRC inventory stood at 171,000 mt, down 7,000 mt WoW (-3.93%). Lecong HRC inventory was 797,100 mt, up 3,800 mt WoW (+0.48%). Shanghai HRC inventory was 365,500 mt, down 0.87 mt WoW (-2.32%). Ningbo HRC large-sample inventory was 379,500 mt, up 25,500 mt WoW (+7.2%). SMM HRC inventory is expected to continue building this week, but remains below the same period in previous years, with the supply-demand imbalance accumulating at a relatively small magnitude. In the short term, cold-rolled and HRC prices are unlikely to break out independently. The inventory turning point has not yet appeared, and sheets & plates prices are expected to move sideways in line with raw material prices, with both upside and downside room relatively limited.