In the week ending January 26, steel plate prices in the Chinese domestic market have continued to indicate a strong downtrend, while transaction activity in the market has generally been at low levels. Average steel plate prices in China can be viewed in the SteelOrbis price reports section.
During the given week, buyers in the Chinese domestic steel plate market have been unwilling to purchase as they are waiting for prices to fall to lower levels. Meanwhile, more new supplies have been arriving in the market, increasing the pressure from inventories. Steelmakers have reduced their ex-works prices for steel plate, and steel plate prices from some northern Chinese steelmakers have dropped below RMB 2,200/mt ($352/mt) ex-works, which has come as a big surprise to the market. Traders are worried about the rise in inventories, while competition in the market has increased. It is expected that steel plate prices in the Chinese domestic market will continue their downtrend in the coming week.
$1 = RMB 6.25 RMB