In a context of weak downstream demand with purchases limited to meeting essential requirements, it is hard for steel mills to achieve their announced price increases for steel plate. On the bright side, relatively low market arrivals and traders' scarce inventories are a source of support for market prices. According to market players, there are now shortages of some steel plate specifications in the market.
As regards the future, most traders think that mills' price announcements will have a certain impact on market prices, though end-user demand will be the decisive factor. Currently, some traders giving high offers are reporting difficulties in selling their products. The Chinese steel plate market is expected to trend sideways in the coming week.