Chinese steel plate market trends down further amid plentiful supply

During the week ending May 27, steel plate prices in the Chinese domestic market have remained on their declining trend. Average steel plate prices in China can be viewed in the SteelOrbis price reports section.         
 
While new steel plate arrivals have been piling up, no evident increase has been observed in demand, and so traders are coming under increasing pressure. Furthermore, as steel mills have continued to cut their ex-works offers, support from costs is diminishing for traders. Given the lack of confidence in the future prospects of the market, buyers find it easier to obtain discounts and market prices are softening.
 
Against the background of more sluggish economic growth, uncertainty regarding the domestic real estate market has increased, while a gradual decrease in activity is observed in terms of major construction projects in China.
 
It is expected that the Chinese steel plate market will maintain its downward trend in the coming week.