SMM HRC Daily: Weak Sentiment, Poor Transactions; Prices Expected to Decline Short-Term

Publicado: Nov 27, 2024 17:13
[SMM HRC Daily Review: Insufficient Upward Momentum, HRC Transactions Remain Poor] Today, HRC futures first declined and then rose, with the most-traded contract 2501 closing at 3,473, down 0.06%. Market trading sentiment was relatively cold, as there was no external stimulus, end-use sectors continued to purchase less, and HRC transactions remained poor. In terms of news, recently, Trump pointed out on social media that an additional 10% tariff would be imposed on Chinese imports based on the current tariffs, and a 25% tariff would be imposed on imports from Mexico and Canada. The 10% is lower than the previous expectation of 60%, making the news temporarily a disguised positive. Cost side, the fundamentals of iron ore continued to weaken, and the contradictions in the fundamentals of coke were also gradually accumulating, weakening cost support. Fundamentally, the market is in a weak and stable balance, with insufficient momentum for both upward and downward changes. According to the regional inventory data published by SMM, most cities continued the destocking trend. Overall, HRC prices are expected to fluctuate downward 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.

Para quaisquer perguntas ou para obter mais informações, entre em contato: lemonzhao@smm.cn
Para mais informações sobre como aceder aos nossos relatórios de investigação, entre em contato:service.en@smm.cn
[SMM HRC Daily Review: Insufficient Upward Momentum, HRC Transactions - Shanghai Metals Market (SMM)