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In the first week after the holiday, spot demand in North China was sluggish. As of this Thursday, spot discounts ranged from 340 yuan/mt to 180 yuan/mt, with an average discount of 260 yuan/mt. After the Chinese New Year holiday, market activity in North China remained very subdued, as most downstream enterprises neither resumed production nor made purchases this week, which is expected to occur mostly next week. Meanwhile, downstream enterprises generally held high inventories of raw materials and finished products, leading to muted restocking demand. With rising copper prices, consumption during the off-season became even less optimistic. Under sufficient supply, spot premiums/discounts are likely to remain under pressure.
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