Under the influence of declines in major plate producers' offers, weak market activity and prices cuts by traders seeking to attract orders, the market prices of steel plate products in China have continued to drop down. Traders think that it will be difficult to see an improvement in domestic steel plate prices in the short term.
As of July 8, inventory of medium plate products in China totaled 1.549 million mt, increasing by 17,700 mt as compared to a week ago, while medium plate inventory in Shanghai amounted to 375,000 mt, up 1,700 mt week on week.
In eastern China, mainstream offers of slab are now priced at RMB 3,650-3,680/mt ($577-582/mt), down RMB 40-50/mt ($6-7/mt) from a week ago. In Tangshan, slab offers are at RMB 3,600/mt ($569/mt), down RMB 100/mt ($15/mt) week on week.
On the shipbuilding plate side, currently the shipbuilding sector is witnessing slack activity, with fewer new orders seen. Under these circumstances, demand for shipbuilding plate is unlikely to improve in the short term.
It is expected that the Chinese steel plate market will continue its soft trend in the coming week.