[SMM Sheets & Plates Daily Review] Sheet and Plate Prices Remain in a Bottoming-Out Phase in the Short Term

Published: Nov 14, 2025 17:49

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Hot-rolled coil prices consolidated this week, with spot transaction activity at a moderate level and decent low-price trading. Supply and demand side, the impact from maintenance on hot-rolled production this week was 144,000 mt, and several steel mills have winter maintenance plans, so supply pressure eased slightly. However, production remained at medium-to-high levels YoY. Demand side, apparent demand continued to recover this week, with total hot-rolled coil inventory at 5.4458 million mt, down 82,700 mt WoW. According to the SMM large-sample social inventory data, except for the Northeast market which remained under pressure, other markets were in destocking. The North China market, which had seen significant inventory buildup earlier, also eased, and inventory is expected to continue declining next week. Cost side, based on the SMM survey of steel mill maintenance, hot metal output faces downside risks next week, and ore prices are under pressure. However, considering that coking coal and coke still have room for negotiation, cost-side support remains in the short term. Overall, approaching the year-end, close attention should be paid to steel mill rolling line maintenance schedules, with supply-side performance taking precedence over demand-side narratives. The room for improvement in the short-term supply-demand imbalance for hot-rolled coil is relatively smal

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