In North China, as of this Thursday, spot premiums were 80-130 yuan/mt, with an average premium of 105 yuan/mt, down 15 yuan/mt WoW. This week, futures rallied notably, overall downstream purchasing sentiment was weak, with only sporadic essential restocking releases. End-user processing and production willingness was insufficient, and market inquiries were overall sluggish. Suppliers' mentality to hold prices firm shifted from strong to weak, and willingness to sell gradually increased during the week, but end-users continuously lacked buying momentum, causing spot premiums to surge and then continuously pull back. Overall, spot trades were mediocre this week, with very weak trading activity. Looking ahead, end-user demand is unlikely to improve significantly amid the off-season, and the market's buying strength is limited. Spot trading activity in North China is expected to remain weak.
