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In Shandong, spot premiums/discounts remained at low levels this week, with the average spot discount reported at 300 yuan/mt on Thursday. Specifically, as the Chinese New Year holiday approaches, downstream stocking has concluded. This week, procurement demand from local processing enterprises declined significantly. Even with suppliers offering discounts, downstream procurement volume remained very limited. Looking ahead, production site inventory at smelters is expected to be high after the holiday, and the pace of downstream resumption is expected to recover slowly. Spot premiums/discounts in Shandong are expected to remain at low levels.
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