During the week ending August 13, the Chinese steel plate market has continued to trend down. Average prices of medium plates and shipbuilding plates in China can be viewed in the SteelOrbis price reports section.
On August 10, major domestic producer Baosteel announced a decrease of RMB 100/mt ($15/mt) in its hot rolled plate prices for delivery in September. Other major steelmakers in China are also expected to follow Baosteel's example in the coming period.
Although the prices of steel plate in China are now on the low side, domestic downstream demand has not yet improved. With the mills reducing their offers for new orders, further decreases are expected to be implemented by traders. However, considering their current low profit margins, traders will do their best to limit the downward movement of prices. It is expected that in the coming week market prices for steel plate in China will continue to trend down.