[SMM Sheets & Plates Daily Review] Sheets & Plates Prices Continue to Pull Back

Published: Sep 2, 2026 17:28

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Today, the most-traded HRC contract rose first then fell, closing at 3,365, down 0.74% WoW. HRC spot prices edged down 10-20 yuan/mt, while CRC prices remained stable. Supply side, this week's HRC impact from maintenance was 95,100 mt, down 151,500 mt WoW. Next week's HRC impact from maintenance is expected at 51,900 mt, down 43,200 mt WoW, with overall supply growth relatively small. Demand side, during the seasonal transition, end-use demand has yet to show a significant increase. Futures prices fell too quickly, leaving end-users with a strong wait-and-see sentiment. Cost side, the fourth round of coke price hikes is still brewing, but futures rose too fast, prompting some capital to take profits. After shooting up in early trading, prices plunged, weakening cost support. Overall, short-term HRC prices continue to follow cost-side trends. Close attention should be paid to actual supply conditions for coking coal and coke, as well as steel mills' acceptance of coke price hikes. The most-traded HRC contract is likely to remain volatile in the near term.

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