[SMM Sheets & Plates Daily Review] HRC and CRC Prices Dropped Back Slightly Intraday with Weak Trading Atmosphere

Published: Nov 20, 2025 17:15

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Hot-rolled coil (HRC) futures and spot prices were in the doldrums today. The most-traded HRC futures contract closed at 3,267 yuan/mt, down 0.55%. In the spot market, offers for HRC and cold-rolled coils (CRC) in major national markets dropped slightly by 10-20 yuan/mt.

The SMM HRC supply-demand balance data was released today. Supply side, HRC production rebounded slightly this week. Inventory side, social inventory of HRC in 86 warehouses nationwide (large sample) tracked by SMM stood at 4.235 million mt, down 99,100 mt or 2.29% WoW, but up 30.68% YoY. National social inventory continued destocking this week, with the decline expanding. By region, except for east China, where inventory fluctuated rangebound, other markets saw destocking, with significant declines in south China and northeast China, indicating continued inventory reduction.

Looking ahead, short-term fundamental risks have limited impact, and strong cost support remains at the lower end. HRC prices are expected to move sideways in the 3,230-3,300 yuan/mt range in the short term, awaiting new drivers from the macro environment or supply side in the next phase.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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