Slack activity and poor sentiment in Chinese domestic steel plate market

Monday, 27 October 2014 14:16:06 (GMT+3)   |   Shanghai
       

As of October 27, steel plate prices in the Chinese domestic market are down slightly compared to one week ago, while transaction activity has remained at low levels. Average steel plate prices in China can be viewed in the SteelOrbis price reports section.

At the beginning of the past week, amid the rising trend in steel futures prices, rebar and hot rolled coil (HRC) prices in China indicated a slight increase, while domestic steel plate prices were mostly stable, with only a few districts indicating upward movement in prices of plate. However, in the middle of the given week, steel futures prices weakened, dragging down steel plate prices as market participants became pessimistic on the future prospects for the market. Although steel plate inventory in the market is at relatively low levels, transaction activity is also poor due to sluggish demand from downstream users. As it is close to the end of the month, liquidity is tight among traders and so they are inclined to lower their sales prices. It is expected that domestic steel plate prices in China will fluctuate within a narrow range in the coming week.


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