[SMM Sheets & Plates Daily Review] Sheets & plates to consolidate in the near term; watch raw material supply

Published: Oct 19, 2026 17:43 (GMT+8)

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The most-traded HRC contract rose initially before pulling back today, closing at 3,236, down 0.09% intraday. Spot prices consolidated on a strong note, with some markets holding morning price adjustments into the afternoon despite the futures pullback. From a fundamental perspective, on the supply side, no new maintenance was added for hot rolling this week, and previously idled rolling lines are gradually resuming production, so supply is expected to rebound MoM. On the demand side, low-price transactions were moderate during the morning futures rise, but trading sentiment weakened notably after the afternoon pullback, with limited buying interest from end-users. On the cost side, market rumors suggest the Bayannur Transportation Bureau plans to organize a cross-border transport coordination meeting with the Mongolian side in early November to discuss raising the daily truck clearance volume at the Ganqimaodu port. Coking coal sentiment pulled back notably, and although iron ore rebounded slightly on valuation repair and recovering sentiment, the larger decline in coking coal and coke has weakened HRC cost support at the margin. In summary, the supply-demand imbalance for HRC is relatively small, with the core disturbance coming from the raw material side. If the rumor of increased Mongolian coking coal supply proves unfounded, sheets & plates may consolidate on a strong note given low valuations.

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