This week, spot premiums/discounts in Shandong continued to decline. As of Thursday, the average spot premiums/discounts in Shandong were reported at a discount of 100 yuan/mt. Specifically, trading activity was sluggish this week. Downstream players indicated that after the center of copper prices rose above 78,000 yuan/mt, new orders showed a mediocre performance. Moreover, as the month-end approached, procurement this week was dominated by long-term contracts. Overall, spot supply in Shandong was abundant this week, but demand performance was mediocre. Downstream procurement was mainly driven by immediate needs and long-term contracts.