Publicado: Jun 11, 2024 17:50
[SMM Hot Rolled Coil Daily Review: Steel Export Volume Down 16% from Last Week, Spot Prices Fall with Futures] Today, the hot rolled coil futures market fluctuated and fell. As of the close of the afternoon session, the price was 3766, down 1.62%. In the spot market, futures prices continued to fall, downstream demand was cautious, macroeconomic factors were weak, and the market trading atmosphere was poor. In terms of shipping, the total volume of outbound steel from SMM Chinese ports was 2.1956 million tons, maintaining a net export situation but down 16% from the previous week. The total volume of steel arrivals at China's 119 ports was 349,600 tons, down 24,010 tons or 41% from the previous week. In terms of costs, the downstream steel consumption season is approaching, market sentiment is cautious, steel mills' profitability is low, and their short-term prices are stable but trending weaker with the second round of coke price increases. In addition, iron ore prices are fluctuating and cost support is weak. Overall, it is expected that hot rolled coil prices may fluctuate and weaken in the short term. We will continue to monitor subsequent SMM demand data.

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