Against the background of ongoing increases in raw material prices and in the steel futures market, traders have increased their steel plate offer prices over the past week. In addition, increases in steelmakers' ex-works prices for February delivery have also provided support for rises in transaction prices.
At the same time, however, steel plate inventory rose during China's three-day New Year holiday while no obvious improvement been observed in downstream demand and so transaction activity is still quiet.
Traders think that the rising prices of raw materials may continue to provide support for the plate market and so they are optimistic as regards the prospects for the market in the coming period. It is expected that the Chinese domestic plate market will continue to move up in the week ahead.