[SMM Sheets & Plates Daily Review] Short-term Pullback in Sheets & Plates Relatively Limited
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….
