Data: SHFE, DCE market movement (Apr 28)

Today, the most-traded hot-rolled coil (HRC) futures contract pulled back from highs, closing at 3,378, down 0.82% MoM. HRC spot prices also retreated. In terms of supply, the impact from maintenance on hot-rolling this week was 199,500 mt, an increase of 10,000 mt WoW. Next week, the impact from maintenance on hot-rolling will be 18.85 mt, a decrease of 11,000 mt WoW, with short-term supply remaining at elevated levels. Demand side, futures pulled back, and combined with strong willingness among some market participants to hold prices firm, market transactions were lackluster. Cost side, the situation outside China remained uncertain, and cost support was relatively neutral. Looking ahead, sheets & plates are in a pattern of strong supply-demand dynamics in the short term, bullish....

Fangda Special Steel announced that the company achieved revenue of 3.999 billion yuan in Q1 2026, down 7.96% YoY; net profit attributable to shareholders of the publicly listed firm was 108 million yuan, down 56.89% YoY.

[SMM Steel] Iran has halted exports of flat steel products, including plates and HRC, until May 30, following severe damage to its steel industry from ongoing conflict. Around 10 mln mt of annual capacity (25–30%) has been disrupted, impacting major producers such as Mobarakeh Steel Company and Khuzestan Steel Company. The supply shock is expected to tighten global availability, particularly for semis and flat products, while domestic industries face rising input costs. Although imports may partially stabilize Iran’s market in the short term, full production recovery could take 6–12 months or longer, with broader economic and trade impacts anticipated.