SteelMint in conversation with industry participants analyzed that domestic plate prices continued to remain on downside and reported further correction of INR 500/MT this week over mute demand.
Currently HR plate prices (5-10mm,IS2062) in traders market are hovering around INR 38,500-/MT (ex- Mumbai) and INR 38,000-39,000/MT (Ex-Delhi). Prices mentioned above are basic and extra GST @18% is applicable.
Last week SteelMint reported that HR plates (5-10 mm) registered continual decline and hit 19 months low in Jul’19.
Traders continue to struggle with inactive demand hovering in domestic market. Also seasonal slowdown amid onset of monsoon season may lead to further fall in domestic HR plate prices.
Chinese plate export offers drop marginally over weak trades- This week nation’s HR plate export offers witness marginal fall by USD 5/MT amid slow buying in export and domestic market.
Currently China origin commercial grade plate prices stands at USD 515-520/MT FoB China which was USD 520-525/MT FoB China in previous week.
Overseas buyers are unwilling to make any bookings with the anticipation of further downside in prices.
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