Chinese plate export offers started moving in upward direction and increased by USD 5/MT W-o-W basis amid optimistic market sentiments prevailing in the domestic market. Higher domestic prices lead to surge in plate export offers despite weak trading.
This week Chinese export offers are recorded at USD 565-575/MT,FoB China.Last week the offers are assessed at USD 560/MT FoB basis.
Meanwhile plate prices for commercial grade 14-20 mm in China’s domestic prices are heard in the range of RMB 4,230-4,280/MT,including VAT.
Major mills in China have increased the plate export offers and are offering around USD 565-570/MT,FoB basis.Few mills are also also quoting on higher side USD 580-585/MT FoB China.
However buying activity remains subdued since overseas buyers are reluctant to purchase plate export offers at higher prices.
Major Indian Steel Mills Anticipate Further Rise in Plate Prices for Jan’18
Major mills in India have raised the plate prices by INR 500/MT in domestic market in mid Dec’17.Higher production cost and upsurge in global export offers has in turn propelled the domestic manufacturers to raise the plate prices in domestic market.
Currently trade reference prices for plates (grade IS2062) 5-10 mm are hovering in the range of USD 39,000-39,500/MT (ex-Mumbai) and INR 40,000/MT (ex-Delhi).
After the hike of INR 500-1000/MT in flat steel prices in the beginning of Dec’17 it is observed that active buying prevails in domestic flat steel market.
Also,major Indian mills are anticipating upward momentum in flat steel prices by INR 1000-1200/MT in the month of Jan’18 amid rise in raw material cost.
A trader based in Delhi commented ”Bookings for the new material in domestic market have already started in the increased prices and we also have positive outlook for the bookings that shall be made in the month of Jan’18 ”
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