On the first trading day after the Spring Festival/Chinese New Year holiday, inquiries are at sufficient levels, while transaction activity is still quiet due to slack demand from end-users, as SteelOrbis has been told by market participants. However, traders are inclined to increase their offer prices as they have confidence in the prospects for the market in the coming period.
Several macroeconomic indicators point to a recovery in the Chinese economy. For instance, export growth in January this year hit a 21-month high, while China's PPI for the month indicated a month-on-month rise, switching from the previous downtrend. Market insiders say that domestic steel prices will receive support from these positive developments.
It is thought that the Chinese domestic steel plate market will continue its upward trend in the coming week.