[SMM Sheets & Plates Daily Review] Raw Materials Led the Gains This Week; HRC Prices Expected to Face Pullback Risks Next Week

Published: Jan 9, 2026 18:08

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HRC futures prices weakened today, falling 1.02% throughout the day, with the most-traded contract settling at 3,294 yuan/mt. This week, HRC prices fluctuated within a range of 10-20 yuan/mt, while spot cold-rolled prices saw minor fluctuations, though weekly shipments improved. The recent rally was mainly driven by rotation into precious metals and industrial products, with capital and sentiment playing a key role.
Fundamentally, HRC production showed a pattern of decreasing early in the week before increasing later. Maintenance at hot-rolled lines increased early in the week, leading to lower HRC output. However, the impact from maintenance later decreased from 267,300 mt to 91,000 mt, resulting in a MoM increase in HRC production and gradually rising supply pressure.
Demand side, overall conditions remained characteristic of the off-season. Purchasing was mainly as needed, with higher volumes at lower prices and moderate performance at higher prices. Still, speculative demand recently increased compared to earlier periods.
Raw material side, performance was mixed. Iron ore prices remained relatively strong, with the SMM survey showing daily average hot metal output up 15,800 mt WoW. However, coke prices were still expected to decline, leaving overall cost support neutral.
In summary, HRC currently lacks clear upward or downward momentum a

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