Publicado: Jul 29, 2024 17:37
[SMM Daily Commentary on Hot-rolled Coil: Steel Mills' Losses Intensify, Weak Trading of Hot-rolled Coils] Today, the hot-rolled coil futures market saw a range-bound trend, closing at 3,524 in the afternoon, down 1.18%. The futures market continued to decline, with heavy downstream wait-and-see sentiments, leading to a moderately to poorly traded market atmosphere and weak trading of hot-rolled coils. Recently, spot and futures prices have fallen in sync, with the market largely adopting a wait-and-see approach. On the supply side, according to SMM research, hot-rolling maintenance at steel mills increased in August, and it is expected that hot-rolled coil output may decline. On the demand side, buoyed by price declines and the off-season, it is difficult to boost demand in the short term. From the cost perspective, steel mills' losses have intensified recently, prompting stronger willingness to suppress raw material prices, which are under pressure. In terms of macro news, the National Development and Reform Commission and the Ministry of Finance have coordinated to allocate approximately RMB 300 billion in ultra-long-term special treasury bond funds to support large-scale equipment upgrades and consumer goods replacement. In conclusion, it is expected that hot-rolled coil prices will remain range-bound in the short term.

Declaração sobre a Fonte de Dados: Com exceção das informações publicamente disponíveis, todos os demais dados são processados pela SMM com base em informações publicamente disponíveis, comunicação de mercado e com base no modelo de base de dados interna da SMM. São apenas para referência e não constituem recomendações para a tomada de decisão.

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