This week, spot premiums/discounts in Shandong region remained in a tug-of-war at low levels. As of Thursday, the average spot premiums/discounts in Shandong region were reported at a discount of 170 yuan/mt. This week, demand performed poorly, and as the delivery date approached, the near-month BACK price spread between futures contracts widened slightly. Downstream procurement was cautious, with most transactions being long-term contract purchases and limited spot order trading volume. However, suppliers currently face no inventory pressure and have low willingness to significantly reduce spot prices, leading to a tug-of-war in spot premiums during the week. Looking ahead to next week, downstream procurement sentiment is expected to improve after contract rollover, but as consumption enters the off-season, it is difficult to see a significant increase in demand. It is anticipated that there will be limited room for a rebound in spot premiums/discounts in Shandong region.
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