[SMM Sheets & Plates Daily Review] Futures in the doldrums, HRC regional inventory underperforms after the holiday

Published: Oct 14, 2026 17:10 (GMT+8)

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HRC futures consolidated on a subdued note today, with the most-traded HC2701 contract closing at 3,237 yuan/mt, down 0.52% for the day. The spot market dropped 10-20 yuan/mt, with average intraday trading. On the news front, customs data showed September steel exports at 10.492 million mt, up MoM for the month, but cumulative YoY volume for January-September still fell 2.6%. On the fundamentals side, in terms of supply, this week's HRC impact from maintenance was 193,800 mt, up 53,400 mt WoW, while next week's HRC impact from maintenance is expected at 144,900 mt, down 48,800 mt WoW. On the demand side, machinery and home appliance raw material daily consumption/inventory rose 2% MoM in September, but the pass-through to physical demand still needs time. According to SMM regional inventory data released today, post-holiday demand underperformed expectations, with Shanghai and Ningbo still seeing inventory buildup, while Lecong and Tangshan only posted slight destocking. Inventory pressure on plate and coil persists. HRC prices are expected to remain under pressure and in the doldrums going forward.

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