[sheets & plates] Today, HRC prices partially declined by $1/mt, and export prices for other sheets & plates partially fell by $2/mt DoD, with HRC transaction prices at $488-496/mt. There were still new inquiries from the Middle East, but actual transactions were limited. Chinaʼs futures market continued to edge lower, and outside China, wait-and-see sentiment was strong as buyers waited for further price declines.

[Brazil] This week, Brazilian steel mills cut sheets & plates prices to stimulate sales, with the domestic HRC price index falling 29.8 USD/tonne to 701.6–759.2 USD/tonne. Meanwhile, the import market was also weakening, with HRC import prices dropping 30 USD/tonne to 620–660 USD/tonne, and hot-dip galvanized import prices plunging 90 USD/tonne to 760–820 USD/tonne. However, due to Brazil's 25% import tariff and concessions from domestic steel mills, buyers held a cautious wait-and-see attitude toward seaborne resources.

Today, the most-traded HRC contract drifted lower, closing at 3,283 at the end of the session, with an intraday decline of 0.33%. Spot HRC prices remained largely steady, edging down in some markets, while spot cold-rolled prices held stable for now. In terms of supply, HRC production increased by 7,700 mt WoW this period, with further increases expected. Demand side, end-users remained in the off-season, and the overall market atmosphere was relatively sluggish. Cost side, coke's 10th round of price increases is about to be initiated, and hot metal production fell by 4,700 mt WoW this week, weakening cost-side support somewhat but not yet causing it to collapse. Looking ahead, imbalances in sheets & plates continue to accumulate. Inventory increased by 179,500 mt WoW this week and may enter a sustained buildup channel subsequently. Fundamental support will remain weak going forward, but futures have already reached a relatively low level and will be in a phase of consolidating at lows in the short term. Going forward, close attention should be paid to steel mill maintenance to assess whether cost support can be sustained.

The most-traded HRC futures contract drifted lower today and closed at 3,285, down 0.79% for the day, falling below previous support. Spot HRC prices fell by 10-25 yuan/mt today, and spot cold-rolled coil prices declined by 10 yuan/mt. Supply side, this week’s impact from hot rolling maintenance was 63,100 mt, down 85,000 mt WoW; next week’s impact from maintenance is 23,100 mt, down 40,000 mt WoW from this week. Overall HRC production is expected to edge up. Demand side, end-users remain in the off-season, and the continued decline in futures led to poor speculative sentiment, with a sluggish overall market atmosphere. Cost side, the ninth round of coke price increases has been implemented, and there are market talks that the 10th round of increases will be launched on Friday. Hot metal output fell by 4,700 mt WoW this week, and cost-side support has weakened somewhat but has not collapsed yet. Looking ahead, contradictions in sheets & plates continue to accumulate. Inventory data released this week show that most cities continued to see inventory buildup, and downstream support remains weak. However, futures have already reached a relatively low level, so there is not expected to be much room for further pullback in the short term. Going forward, close attention should be paid to steel mill maintenance.

[Sheets & Plates] Today, hot-rolled coil prices dropped by $2-3/mt. Except for medium-thickness plates, export prices of other sheets & plates also fell by $2-3/mt day-on-day, with transaction prices for hot-rolled coil at $488-497/mt. Market feedback indicates that exports of medium-thickness plates have been good recently and prices are relatively firm. Today, domestic futures broke below support levels, and the market inquiry sentiment was extremely bleak, with a wait-and-see approach prevailing.

The most-traded HRC contract consolidated today, closing at 3,315 at the end of the session, with an intraday gain of 0.15%. HRC spot prices remained stable today, while some cold-rolled coil spot prices declined. Supply side, the impact from HRC maintenance this week was 63,100 mt, down 85,000 mt WoW. Next week, the HRC maintenance impact is expected at 23,100 mt, down 40,000 mt WoW. Overall HRC production is expected to edge up slightly. Demand side, current demand showed off-season characteristics, with the market dominated by low-price transactions. Cost side, the 9th round of coke price increases is about to be implemented, and cost-side support has not collapsed yet, but further upward momentum is limited. Looking ahead, short-term fundamentals of sheets & plates are weak, lacking bullish drivers. Focus remains on the cost side, whether from reality or expectations-driven sentiment fluctuations. Overall, sheets & plates are still consolidating in the near term.