Hot-Rolled Coil Futures Soar 3.79%, Spot Trading Robust Amid Market Uncertainties

Publicado: Aug 21, 2024 17:44

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[SMM Daily Comment on Hot-rolled Coil: Futures Continue to Rise with Good Spot Trading Today] The futures market for hot-rolled coil saw a sharp increase today, closing at 3312 in the afternoon, up 3.79%. The futures market witnessed notable gains, fueled by increased speculative demand and bottom-fishing sentiment. Coupled with heightened enthusiasm among downstream buyers, transactions of hot-rolled coil remained solid intraday. According to SMM's statistics, the blast furnace operating rate this week was 90.62%, with a slight decrease in maintenance work compared to the previous week, indicating a halt in the decline of molten iron output. From a fundamental perspective, the mainstream city's hot-rolled coil inventory data released today still indicated a majority of accumulative stockpiling, reflecting weak downstream demand and a narrowing gap between hot-rolled coil and rebar prices. Spot prices have risen but failed to keep pace with the rapid gains in futures. It is essential to continue monitoring spot transactions and inventory reduction in the coming days. In summary, it is expected that hot-rolled coil prices will fluctuate predominantly 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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