Local Chinese PPGI market characterized by wait-and-see atmosphere

Low market activity has impacted the confidence of traders in the past week. However, as domestic steel giant Baosteel announced an increase in its list prices for October, traders still have decent expectations for the market in the coming period. While slight increases have been observed in the local PPGI market, acceptance has been slow. Overall, while traders do not plan to lower their prices, downstream customers are unwilling to accept any large increases. There are many currently uncertainties in the market, where a wait-and-see atmosphere prevails. It is thought that Chinese domestic PPGI prices will just see slight fluctuations in the coming week.