Spot HRC Market Highly Expects the Macro Policies to be Bullish amid the Upcoming Two Sessions

SHANGHAI, Feb 23 (SMM) - HRC futures lost 0.23% yesterday. Spot trading decreased compared with the previous trading day.

The speculative demand of traders from all over the country performed well. Terminal enterprises mainly purchased on demand due to fears of the further HRC price hike. The surging HRC prices aroused a wait-and-see sentiment among terminal companies. Arrivals in Shanghai were intensive. SMM surveyed that the social inventory in Zhangjiagang and Lecong fell, while that in Shanghai grew palpably. The market highly expects the macro policies to be bullish amid the approaching Two Sessions. HRC costs were highlighted by the rise in iron ore prices and stable coke prices. Therefore, in the short term, the HRC prices will move rangebound with some upward potential driven by the demand and supporting macro policies.