Why are Steel HRC (SHFE) Prices so high?
30-09-2026 - Over the past month, the price of Steel HRC on the Shanghai Futures Exchange (SHFE) has seen a slight decrease, moving from 3,303.0 CNY/t to 3,263.0 CNY/t, indicating a modest downward trend in the steel raw material market. However, the forecast suggests a potential rebound, predicting a rise to 3,349.0 CNY/t, which is a 2.6% increase from the current price. This forecast points to an overall upward trend, although market volatility could impact raw material prices.
The anticipated upward pressure on raw material prices is primarily driven by demand factors, notably the global economic climate, with an expected price impact of 22.0 CNY/t. Various data sources, including flow and technical analyses, support this trend.
Additionally, a report from the Arab Iron and Steel Union highlights a 14.1% year-on-year increase in China's hot-rolled steel production in October 2023, reaching 17.145 million metric tons. During this period, domestic HRC prices in China peaked at 4,005 CNY/t ($558 per metric ton) between October 30 and 31. This upward trend continued into November, fueled by China's issuance of an additional CNY 1 trillion in special bonds and rising iron ore import prices.
These developments support the forecasted increase in the SHFE Steel HRC market, aligning with the prediction of a price rise to 3,362 CNY/t in the coming month.
The anticipated upward pressure on raw material prices is primarily driven by demand factors, notably the global economic climate, with an expected price impact of 22.0 CNY/t. Various data sources, including flow and technical analyses, support this trend.
Additionally, a report from the Arab Iron and Steel Union highlights a 14.1% year-on-year increase in China's hot-rolled steel production in October 2023, reaching 17.145 million metric tons. During this period, domestic HRC prices in China peaked at 4,005 CNY/t ($558 per metric ton) between October 30 and 31. This upward trend continued into November, fueled by China's issuance of an additional CNY 1 trillion in special bonds and rising iron ore import prices.
These developments support the forecasted increase in the SHFE Steel HRC market, aligning with the prediction of a price rise to 3,362 CNY/t in the coming month.
What is the current / spot price of Steel HRC (SHFE)?
Steel HRC (SHFE) Price Today
September 30, 2026
Current Price
3263
What is the forecast for the price of Steel HRC (SHFE)?
Steel HRC (SHFE) Price Forecast
September 30, 2026
1 Month Forecast
3349
1 Year Forecast
3432
What are the short-term drivers of Steel HRC (SHFE) prices?
Over the 1 Month horizon the outlook is bullish due to drivers such as: - Japan PMI - Short term price trends - Movements in the South Korean Won - The shape of the futures curve (adjusted for the risk free rate and price volatility) Br(None) The top contrary drivers for the 1 Month horizon are: - Long term price trends
What are the long-term drivers of Steel HRC (SHFE) prices?
Over the 1 Year horizon the outlook is bullish due to drivers such as: - Short term price trends - The shape of the futures curve Br(None) The top contrary drivers for the 1 Year horizon are: - EWMA-based technical analysis - Long term price trends - Movements in the Chinese Yuan
Will the price of Steel HRC (SHFE) go up?
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