[SMM Sheets & Plates Daily Review] Prices Continued to Weaken During the Day, Market Transactions Sluggish

Overall, inventory in mainstream markets in north China saw healthy destocking, inventory declines in mainstream markets in east China slowed down, and inventory in mainstream markets in south China and northeast China increased WoW.

Ferrous metals experienced a round of rapid pullback this week. Considering that mine production resumptions and downstream demand off-season had been fully priced in, ferrous metals were expected to see a modest upward recovery after short-term fluctuations. In terms of hot-rolled coil fundamentals, the inventory inflection point had not yet arrived and contradictions had not significantly accumulated. The most-traded hot-rolled coil contract was expected to fluctuate within the range of 3,320-3,400 this week.