During the week ending August 6, the Chinese steel plate market has continued to follow a downtrend. Average steel plate prices in China can be viewed in the SteelOrbis price reports section.
In the week in question, the Chinese steel plate market has been characterized by a quiet atmosphere, while confidence levels have been on the low side. On the demand side, downstream users are still prudent about concluding purchases and are only booking minimum tonnages. As for the prospects for the future, steel plate traders hold different viewpoints but the majority view is that prices will continue to slip especially considering lackluster demand - despite the overhauls planned by the mills.
Although the increased losses of mills will probably force them to significantly cut their outputs, the oversupply problem is not likely to be solved in the short term due to the ongoing sluggishness of the overall economy. Accordingly, prices are not expected to rebound in the short term. For the coming week, Chinese steel plate prices are expected to continue their soft trend.