Chinese domestic steel plate market moves on upward trend

During the week ending December 12, average prices of steel plate in the Chinese domestic market have increased, while transaction activity in the overall market has been at decent levels. Average steel plate prices in China are presented in the table below.

In the given week, steel plate prices indicated significant increases on the back of rising raw material prices and increases in futures prices. Meanwhile, most steel enterprises have increased their ex-works prices, while steel plate inventories in the Chinese domestic market are on the low side. Traders mostly hold an optimistic view of the prospects for the market, and this will provide support for steel plate prices in the coming period. It is thought that Chinese domestic steel plate prices will likely indicate upward movement in the coming week.