Although transaction activity has continued to lack strength, the increased prices of the steel mills and declining inventories have caused the market to move upward. As for inventory, on February 24 overall steel plate inventory in the main Chinese markets totaled 1.60 million mt, down 13,500 mt week on week. Meanwhile, most mills have increased their plate prices by RMB 30-60/mt ($4.7-9.5/mt), reflecting their optimistic view of the prospects for the market.
Most traders have positive expectations for the market in March due to improving weather conditions, recovering downstream demand and the easing of China's monetary policy.
It is expected that the Chinese steel plate market will trend upward by a small margin in the coming week.