In Shandong this week, premiums and discounts continued to rise. As of Thursday, the average spot premiums/discounts in Shandong were reported at a discount of 50 yuan/mt. This week, suppliers still had limited spot inventory, and premiums were continuously raised after the contract rollover. On the consumption side, the center of copper prices rose this week, and new orders from downstream significantly decreased WoW. Enterprises' restocking actions were relatively limited, still mainly making just-in-time procurement, and overall activity cooled down WoW. Looking ahead to next week, recent social inventory continues destocking, and suppliers face no pressure to sell, maintaining a sentiment of standing firm on quotes and reluctance to sell. However, end-use consumption is unlikely to see a significant increase, and downstream mostly maintains just-in-time procurement based on the volume of orders taken. It is expected that spot premiums/discounts may show a tug-of-war next week.
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