[SMM Zhangjiagang HRC Inventory] Zhangjiagang Inventory Decline Accelerated This Week

Today, the DCE iron ore futures trended stronger, with the most-traded contract I2609 closing at 787.5 yuan/mt, up 0.90% from the previous trading session. Spot prices rose 6-7 from the previous day. Traders showed moderate enthusiasm in quoting, while steel mills maintained a strong wait-and-see attitude with fewer inquiries; overall spot transactions were thin.

[SMM HRC Daily Trading] On April 29, the combined daily HRC trading volume of SMM's sample enterprises across four cities (Shanghai, Lecong, Tianjin, Ningbo) was 15,930 mt, up 480 mt DoD (+3.1%), up 40.35% YoY (solar calendar), and up 5.57% YoY (lunar calendar).

The most-traded hot-rolled coil (HRC) contract fluctuated upward today, closing at 3,407, up 0.8% MoM. HRC spot prices followed suit, rising 10-30 yuan/mt. In terms of supply, the impact from maintenance on hot rolling this week was 199,500 mt, up 10,000 mt WoW; next week's impact from maintenance on hot rolling will be 18.85 mt, down 11,000 mt WoW, with short-term supply staying high. Demand side, as futures rose, some end-users began pre-holiday restocking at low prices, and willingness to purchase at low prices for basis trading and speculation also strengthened. Cost side, Brent crude oil continued to rise, and cost support remained. Looking ahead, sheets & plates were in a pattern of strong supply-demand dynamics in the short term, bullish sentiment existed outside China, and the..