SMM Weekly Maintenance Summary on July 6

HRC futures closed at 3,283 today, down 0.21% for the day. In the spot market, cold and hot rolled prices remained largely stable. According to SMM data, steel mill profits have quickly shrunk recently. At the same time, pressure to take orders increased significantly during the off-season, leading some mills to plan new maintenance and production cuts. The combined impact has resulted in a MoM decline in the daily average HRC production schedule for July. Demand side, Q2 remains a domestic off-season, with muted downstream purchases and market transactions. Inventory pressure is expected to keep rising, and the supply-demand imbalance will gradually accumulate. HRC’s own supply-demand pattern offers limited support for prices. Overall, the supply-demand imbalance for HRC is gradually accumulating in July. Cost side, the difficulty for further short-term price increases intensifies. Considering that macro expectations and changes in external imbalances can provide limited stimulus to steel prices, short-term HRC prices are expected to continue consolidating near the bottom.

今日大商所铁矿盘面走势偏弱，合约I2609最终收报735.5元/吨，较前一交易日-0.47%。港口现货价格较前一交易日下跌约1-2元/吨。贸易商报价积极度一般，钢厂多按需补库，截止目前现货成交货量一般。