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As of Thursday this week, spot premiums/discounts ranged from a discount of 180 yuan/mt to a discount of 80 yuan/mt, with an average discount of 130 yuan/mt. Weak consumption during the week led to poor downstream demand, and there were no significant stockpiling activities before the Dragon Boat Festival holiday. Some processing enterprises even planned to conduct maintenance and cut production. In contrast, upstream suppliers faced certain inventory pressure and capital recovery needs at the month-end period, and were relatively pessimistic about the market outlook under the current price spread structure between futures contracts, which kept spot premiums/discounts under continuous pressure. Looking ahead after the holiday, it is expected that demand and spot premiums/discounts will be suppressed due to the price spread between futures contracts, and the North China market will still face a situation where supply exceeds demand.
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