[SMM Hot-Rolled Arrivals] Shipments to South China Market Dropped Significantly WoW  

SMM Steel March 24: According to SMM statistics, the estimated total shipments to mainstream markets this week reached 214,800 mt, down 19.04% WoW. Breakdown by market:  

Chart-1: Mainstream Market Arrivals Comparison  

Data source: SMM Steel  

Shanghai market: Hot-rolled coil shipments to Shanghai declined slightly this week. Specifically, shipments from mainstream steel mills in South China decreased modestly, while those from other regions remained basically flat. Short-term, east China's price advantage remained limited, prompting steel mills to maintain stable shipment volumes. Next week's shipments to Shanghai are expected to fluctuate rangebound.  

Chart-1: Shanghai Market Arrivals  

Data source: SMM Steel  

Lecong market: Shipments to Lecong dropped notably WoW. The decline was primarily driven by reduced shipments of local mainstream resources, as WG shifted production to specialty steels mid-month, leading to a significant WoW decrease in shipments. Looking ahead, in-transit mainstream resources remain scarce, suggesting arrivals in Lecong may stay low next week, creating opportunities for local inventory drawdown.  

Chart-2: Lecong Market Arrivals  

Data source: SMM Steel  

SMM releases weekly hot-rolled shipment data for mainstream markets every Tuesday. Scan the QR code below to subscribe or access more data.