During the week ending May 20, steel plate prices in the local Chinese market have followed a slight downtrend. Average steel plate prices in China can be viewed in the SteelOrbis price reports section.
With no significant recovery observed in downstream demand, there is a lack of sufficient support for the recovery of domestic steel plate prices in China. Given expectations for higher inventories in view of arrivals of new supplies, traders are increasingly willing to sell off their stocks, also by offering more discounts. Meanwhile, considering strong supply pressure, producers have in succession been reducing their prices in order to attract more orders. Nevertheless, as current demand is weak, traders are reluctant to order in new materials.
It is expected that steel plate prices will continue to decline in the Chinese domestic market in the coming week.