What Kept China Cold Rolled Sheet Prices Firm Despite Elevated Inventories in August?

The Chinese cold rolled sheet market experienced a notable transformation in the later phase of August ****, transitioning from a stagnant summer lull to a modest recovery driven primarily by cost-side pressures rather than genuine demand strength. According to market data, cold rolled sheet SPCC (*.* mm) Ex-Tianjin prices advanced from $***/tonne on August * to $***/tonne by August **, with the uptick concentrated largely in the final week of the month when prices climbed from $***/tonne to $***/tonne. The pivotal turning point occurred on August **, when sustained strength in coking coal and coke prices propelled hot rolled coil prices. This triggered a notable single-day jump in cold rolled sheet spot prices, with the Guangzhou market leading the national advance. The resulting cold-rolling cost support effectively established a price floor, though the market&#**;s inability to sustain upward momentum highlighted the fragile nature of the recovery.

The late-August rally in...