Steel plate prices rise in China after the holiday

Monday, 08 October 2012 15:18:32 (GMT+3)   |  
       

During the week ending October 8, steel plate prices in the Chinese domestic market have risen slightly. Average steel plate prices in China's domestic market can be viewed in the SteelOrbis price reports section.           
 
On the first day following the Chinese National Day holiday, most traders are still cautious about giving offers, though a few traders have been quick to give offers to the market. As traders state, if the mills raise their list prices for steel plate products, there is a great chance that spot market prices will follow suit. During the holiday, semi-finished steel prices in Tangshan climbed up again, gaining RMB 170/mt ($26/mt) compared to the pre-holiday levels. This is likely to provide support for steel plate prices. However, many insiders state that actual market activity will be the main factor which decides the trend of the market. At present, confidence levels in the Chinese steel plate market have improved somewhat.

Meanwhile, on a positive note, according to the new data issued by the China Logistics and Purchasing Federation (CLPF), in September this year the purchasing managers index (PMI) of China's manufacturing sector stood at 49.8, up 0.6 percentage points from the previous month, registering a rebound for the first time in four months.
 
For the coming week, prices in the Chinese steel plate market are expected to continue to rise, though by a limited margin.


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