[SMM Sheets & Plates Daily Review] Trading in the sheets and plates market was sluggish today.

Published: Nov 18, 2025 17:11

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Coking coal and coke futures weakened today, dragging down finished steel products. The most-traded hot-rolled coil contract closed at 3,286, up 0.21%. In the spot market, prices in many regions dropped back slightly, with overall trading activity moderate. In the cold-rolled segment, prices in major markets remained in the doldrums, and overall trading was lackluster.

Short term, approaching year-end, some steel mills in east and north China announced annual maintenance plans, and recent narrowing of steel mill profits are expected to ease supply pressure for hot-rolled coil in the near term MoM, maintaining moderate fluctuations. Demand side, manufacturing demand for sheets and plates still has strong support toward the end of the year. According to SMM, steel mills are taking orders for specialty steel products at a good pace, but spot transactions of circulating resources remained weak. The pace of hot-rolled coil inventory drawdown slowed noticeably compared with the same period in previous years. Fundamentals are unlikely to provide strong upward momentum, and prices are expected to mainly follow raw material trends. This week, hot-rolled coil prices are expected to move sideways, with resistance for the January contract around 3,330.

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