Lecong's HRC inventory stood at 941,300 mt this week, up 3,600 mt WoW, or 0.38 pct, with calendar YoY growth of 37 pct and lunar YoY growth of 36.62 pct.

This week, Shanghai HRC inventory was 461,100 mt, up 14,200 mt WoW, an increase of 3.18%, and up 80.12% YoY.

This week, Ningbo’s large-sample HRC inventory stood at 324,200 mt, down 8,000 mt WoW, or 2.35% WoW, and up 17.51% on a lunar calendar YoY basis.

This week, Zhangjiagang HRC inventory reached 269,000 mt, flat WoW; up 5.49% YoY.

This week, HRC social inventory stood at 2.7057 million mt, an increase of 40,800 mt from the prior week, representing a 1.53% WoW gain, a 42.86% YoY increase, and a 39.69% rise on a lunar YoY basis. This week, HRC mill inventory was 1.0093 million mt, up 36,900 mt from the prior week, translating to a 3.80% WoW rise, but a 2.82% YoY decline and a 2.76% decrease on a lunar YoY basis. This week, total HRC inventory reached 3.715 million mt, up 77,700 mt from the prior week, for a 2.14% WoW increase, a 26.68% YoY rise, and a 24.88% gain on a lunar YoY basis.

The most-traded HRC contract closed at 3,325 today, slipping 0.03% throughout the day. Spot side, HRC prices firmed, edging up 10 yuan/mt, while CRC prices remained flat, with overall trading on the weak side. City-level HRC inventory data was released today. Zhangjiagang, Ningbo, and Lecong continued destocking, but the pace of destocking slowed down, while Shanghai and Tangshan experienced inventory buildup. City inventory trends diverged. Due to the Dragon Boat Festival holiday, a temporary, modest buildup in HRC social inventory is expected this week. Going forward, impacted by the Dragon Boat Festival holiday and the failure of demand to rebound post-holiday, the fundamental pressure on sheets & plates is emerging. However, with market talk of coke initiating a ninth round of increase, cost support for sheets & plates prices still holds. In the near term, plates & sheets prices are projected to remain in the doldrums.