Downtrend in Chinese steel plate market, traders less confident

While steel plate prices have moved down over the past week, inventory in the steel plate market has seen a slight upward trend though market inventory is not at very high levels. Currently, traders' confidence in the prospects for the market in the coming period has been weakened against the background of declines in the steel futures market and falling slab prices. Moreover, in the absence of any significant improvement in demand, traders are willing to sell materials at lower prices. However, steelmakers' ex-works prices remain high. It is thought that the Chinese domestic steel plate market will continue its downtrend in the coming week, though with a limited decrease.