With most local steelmakers having already raised their PPGI prices for February delivery, and with Baosteel increasing its prices for March delivery, traders hold an optimistic view of the prospects for the market after the Spring Festival/Chinese New Year holiday.
Currently, transaction activity is fairly quiet as some trading companies are already preparing to leave the market ahead of the holiday. Traders have been seeking to sell products which have higher profit margins first, and to keep other products in stock for sale at a later date. It is thought that PPGI prices in the Chinese domestic market will remain stable in the coming week.