Only a few traders still active in medium plate market

Over the past week the Chinese medium plate market was already practically on holidays, with a flat performance seen in both market trading and prices. By the end of trading on February 13, the average price of 20 mm Q235 B in Shanghai, Tianjin and Lecong has risen RMB 6/mt ($0.77) to RMB 4,003/mt ($516), while that of 20 mm Q345 B has remained unchanged at RMB 4,135/mt ($533). Last week, except for slight fluctuations in some individual markets due to the mills' ex-factory price adjustments, the overall market was more or less already on holidays. With China's Spring Festival being the traditional time for family reunions, most market players have been back in their home regions since last week. Even those who work in their native regions are not really active. To a certain extent, China's steel market has already entered a temporary state of dormancy. Looking at the current market situation, the traders are taking a conservative attitude towards the future market. The rumors concerning the reduction of the export rebate have had a remarkable impact on the market atmosphere. However, certain mill insiders report that some northern mills will continue to hike their ex-factory prices after the festival. Therefore, most people continue to maintain a wait-and-see attitude. With regard to imports and exports, in consideration of the likely cancellation or reduction of the export rebate rate, an overall rise is seen in current export quotations. Looking ahead to the future, the pre-festival market is not likely to see any change, as there is no commercial activity in the market at present. With regard to the post-festival period, the market is expected to climb up slightly.