Chinese market players revealed to SSESSMENTS.COM that this week, general downbeat sentiment has overtaken China PS market as trading volumes dwindled due to the Dragon Boat Festival holiday, which falls on June 25 and lasts until June 27 this year. This week, before the holiday sets in, some buyers were refrained from purchasing in bulk since the market has entered the holiday mood. As of Thursday, the majority of buyers are taking a halt on procurement activities and are away from their desks as it is a public holiday.
In terms of offers, several producers in China maintained their offers stable from last week as SM prices remain steady. A local producer contacted by SSESSMENTS.COM mentioned that they decided to maintain a stable offer level despite a bearish market sentiment this week since the company have presold some allocations for early July delivery. In the production sector, another local producer is running production at a full rate.
