【SMM Daily Hot-Rolled Coil Transactions】On November 8, the total daily hot-rolled coil transaction volume of sample enterprises across four cities (Shanghai, Lecong, Tianjin, Ningbo) tracked by SMM amounted to 12,300 tonnes, with a daily decrease of 2,240 tonnes, or -15.4% compared to the previous day.
Futures prices rallied and then fell, as government stimulus measures fell short of expectations. This led to a chill in market trading sentiment, with downstream buyers adopting a cautious wait-and-see approach. Consequently, hot-rolled coil transactions were relatively weak.
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