[SMM Sheets & Plates Daily Review] Sheets & plates continue to consolidate in the near term

Published: Jul 20, 2026 17:31

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During the day, the most-traded HRC contract drifted lower, closing at 3,298, down 0.84%. In the spot market, spot HRC prices fell by 10-20 yuan/mt, with some markets holding steady; spot cold-rolled coil prices dropped by 10 yuan/mt. Supply side, the impact from maintenance on rolling mills moved sideways WoW this week, and overall production pressure for HRC was moderate. Demand side, sheets & plates remain in the off-season, making it difficult for demand to stabilize and rebound. Cost side, hot metal remains on a downward trajectory, and the first round of coke price cuts is being initiated. If raw material markets lack disruptive factors, they will remain in the doldrums in the near term. Overall, the fundamentals of sheets & plates are currently in a state of continued accumulation, but no major conflicts have emerged yet, and there is a lack of clear upward or downward catalysts for the market. Therefore, HRC prices are expected to continue consolidating near the bottom in the near term.

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