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This week, the center of spot premiums/discounts in Shandong continued to decline. As of Thursday, the average spot premium/discount in Shandong was reported at a discount of 105 yuan/mt. According to SMM, as year-end consumption weakened, downstream procurement was mainly based on rigid demand, and some downstream enterprises still had raw material inventory from before New Year's Day that had not been consumed. Therefore, procurement during the week was not active, and smelters reduced premiums/discounts to increase shipments. Looking ahead to next week, downstream procurement is expected to remain based on rigid demand. With the approach of the Chinese New Year, spot premiums/discounts in Shandong are expected to have further room for reduction.
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