[SMM Sheets & Plates Daily Review] Social inventory is expected to see a temporary buildup of stock, while expectations of the ninth round of coke price increases support costs.

Published: Jun 24, 2026 17:39

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The most-traded HRC contract closed at 3,325 today, slipping 0.03% throughout the day. Spot side, HRC prices firmed, edging up 10 yuan/mt, while CRC prices remained flat, with overall trading on the weak side. City-level HRC inventory data was released today. Zhangjiagang, Ningbo, and Lecong continued destocking, but the pace of destocking slowed down, while Shanghai and Tangshan experienced inventory buildup. City inventory trends diverged. Due to the Dragon Boat Festival holiday, a temporary, modest buildup in HRC social inventory is expected this week. Going forward, impacted by the Dragon Boat Festival holiday and the failure of demand to rebound post-holiday, the fundamental pressure on sheets & plates is emerging. However, with market talk of coke initiating a ninth round of increase, cost support for sheets & plates prices still holds. In the near term, plates & sheets prices are projected to remain in the doldrums.

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