During the week ending November 11, steel plate prices in the Chinese domestic market have switched to a stable trend, following the downtrend of the previous week. Average steel plate prices in China can be viewed in the SteelOrbis price reports section.
At present, with the support of the prices increases witnessed in the Chinese hot rolled coil (HRC) market, Chinese domestic steel plate traders have become more positive about the prospects for the local plate market. At the same time, however, traders are still somewhat cautious due to the sluggish demand from downstream customers. On the one hand, most steel plate mills recently cut production in order to ease the oversupply in the market. On the other hand, overall demand is still at low levels. It is expected that Chinese domestic steel plate prices will move on a sideways trend in the coming week.