SHFE HRC settled at 3,362 CNY/mt on June 3 — down 4.8% from the May 7 high of 3,530 CNY/mt. The selloff accelerated in late May as anti-dumping pressure intensified across three major markets simultaneously: Japan, the European Union, and India. China's HRC export machine faces its most coordinated trade defense response since 2016. Supply-side discipline inside China offers the only floor. This report covers price structure, trade policy escalation, inventory positioning, and a procurement decision framework for Q3-Q4 2026.
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