[SMM HRC Daily Review: Futures Market Fluctuates Downward, Moderate HRC Transactions During the Day]
HRC futures fluctuated downward during the day, with the most-traded contract closing at 3,418, up 0.09% MoM. The futures market showed fluctuating movement, with moderate trading sentiment in the market. Downstream end-users purchased as needed, and daily transactions in most major cities were moderate.
From a fundamental perspective, HRC production pulled back, the off-season impact deepened, and demand resilience gradually weakened, leaving fundamentals in a relatively weak pattern. Additionally, during the policy vacuum period, HRC prices are likely to face downward pressure.
Cost side, iron ore demand weakened, and imported coal impacted supply. In the short term, raw material prices are expected to decline further, weakening cost support.
In terms of exports, last week's steel export data was moderate, with total port departures from Chinese ports at 310.31, up 8% MoM, and exports remained at a high level.
In summary, off-season demand remains weak, increasing the risk of HRC inventory buildup. HRC prices are expected to fluctuate downward.
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