Sluggish Trading and Widening Spot Discounts Expected as Chinese New Year Approaches

Published: Feb 12, 2026 13:09

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Spot premiums/discounts are expected to remain under downward pressure. Approaching the Chinese New Year holiday, market participation continues to decline, with most suppliers and downstream enterprises gradually entering holiday mode, resulting in sluggish overall trading activity during the day. On the supply side, price-ratio-based shipments locked in during the previous period of open import arbitrage windows are continuously arriving at ports, leading to significant inventory buildup in the Shanghai area. On the demand side, downstream enterprises have generally begun holidays due to the approaching festival, with procurement demand continuing to weaken. Overall, the market is expected to maintain sluggish trading, and spot discounts are projected to widen further tomorrow.

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