Traders remain cautious in local Chinese steel plate market

During the week ending February 17, steel plate prices in the Chinese domestic market have indicated very slight downticks. Average steel plate prices in China can be viewed in the SteelOrbis price reports section.
 
Most traders in the Chinese domestic steel plate market are cautious about concluding transactions due to the slow recovery of downstream demand. However, some traders have chosen to reduce their steel plate prices in order to stimulate sales of materials purchased before the Chinese New Year holiday at lower prices. As of February 17, inventory of steel plate in China amounted to 1.6791 million mt, up 0.67 percent week on week. As regards the coming week, it is thought that local Chinese steel plate prices may move on a sideways trend, while demand is expected to recover gradually, though inventory will still be at high levels.