In the first week after the holiday, trading activity cooled down in the Shandong region. On the first day after the holiday, downstream enterprises mainly engaged in just-in-time procurement. The destocking of social inventory supported suppliers in standing firm on their quotes. However, the price spread between futures contracts for the next month (back month spread) widened, significantly dampening downstream procurement sentiment. Suppliers then offered discounts to sell their goods, causing spot premiums/discounts to decline continuously. Overall, trading performance was poor.