Sluggish Trading and Oversupply Expected as Chinese New Year Approaches, Spot Discounts to Widen

Published: Feb 11, 2026 11:56

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Spot premiums are anticipated to remain under downward pressure. With the Chinese New Year holiday approaching, market participation continues to wane as most suppliers and downstream firms gradually enter the holiday period, leading to sluggish overall trading activity. On the supply side, cargoes secured during earlier favorable import arbitrage windows are steadily arriving at ports, increasing available spot supply. Meanwhile, demand weakens further as downstream enterprises have largely completed pre-holiday stockpiling and exhibit low purchasing willingness at this stage, resulting in a clearly oversupplied market. Overall, trading is expected to remain subdued, and spot discounts are projected to widen further tomorrow.

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