Over the past week, due to the ongoing uptrend in the steel futures market, steel plate traders in China now feel more optimistic, even though no significant improvements have been seen in downstream demand. As of March 22, inventory of steel plate in China amounted to 1.6666 million mt, down by over 58,000 mt week on week, declining for the third consecutive week. Market insiders have told SteelOrbis that the decline in inventory may provide some support for steel plate prices in the coming period.
As for the week ahead, it is thought that the Chinese domestic plate market will move sideways against the background of slack transaction activity, falling inventory and support from high-cost materials.