Hot-Rolled Steel Coil Futures Waver as Spot Market Weakens, Outlook Hinges on Macro Policy Clarity

Publicado: Oct 15, 2024 17:50

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[SMM Hot-rolled Steel Coil Daily Commentary: Spot Transactions Further Weaken, Futures Likely to Fluctuate in the Short Term] Today, the futures market for hot-rolled steel coils initially rose before falling within the range, with the main contract closing at 3603, down 0.72%. The performance of spot market transactions further weakened. From the supply side, the impact of hot-rolled steel maintenance this week was 216,400 tonnes, a decrease of 19,800 tonnes from the previous week, indicating that there is little short-term pressure on production. On the demand side, while macroeconomic factors have been frequent lately, translating them into actual demand still takes time, and it is difficult to expect outstanding performance in the short term. From the cost perspective, steel mill profits have recovered, and raw material demand remains supported, keeping costs relatively stable in the short term. Overall, the fundamentals of hot-rolled steel coils are currently under no significant pressure. Until macroeconomic factors are confirmed, prices may fluctuate within a range, with the upper limit potentially dependent on the strength and implementation of subsequent policies.

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