SMM August 29: Shanghai spot prices edged up this week, with the weekly average price increasing by around 5 yuan/mt WoW. As of Friday, ordinary domestic brands were at a discount of 10-0 yuan/mt against the 2509 contract, while premium brand Shuangyan traded at a premium of 130 yuan/mt against the 2509 contract. In the first half of the week, futures moved in the doldrums, and downstream enterprises made routine purchases, resulting in overall tepid trading activity. In the latter half, futures declined, triggering more downstream point-price purchases and significantly improved spot transactions. Market spot quotations rose, but downstream orders showed no marked improvement, limiting the upside. Shanghai spot prices are expected to remain in the doldrums next week.
