Domestic plate prices corrected further by INR 750-1000/MT over gloomy demand and mute buying prevailing in domestic market. Prior this, in previous week the same declined by INR 500/MT in domestic market.
Currently trade reference prices for HR plate (5-10mm,IS2062) in traders market are hovering around INR 37,500-38,500/MT (ex- Mumbai) and INR 37,000-38,000/MT (Ex-Delhi). Prices mentioned above are basic and extra GST @18% is applicable.
In the beginning of Jul’19 HR plate prices stood around INR 40,000/MT (ex-Mumbai) plunged by around INR 2000/MT and currently hovering at INR 38,000/MT (ex-Mumbai) towards the end of Jul’19. Prices mentioned above are basic and extra GST @18% is applicable.
Seasonal slowdown amid ongoing monsoon season combined with weak purchases lead to continual downfall in HR plate prices in domestic market. Buyers have put off their purchases in anticipation of further downtrend in plate prices.
Meanwhile since domestic HRC prices continued to remain under pressure which in turn weighs down HR plate prices in domestic market.
JSPL exported 8,300 MT plates to Spain- Industry participants shared with SteelMint that ,JSPL (Jindal Steel and Power Limited) concluded a deal of prime quality steel plates of around 8,300 MT from Paradip port in India to Bilbao Port in Spain for August shipments.
Chinese plate export offers remain unchanged this week- This week nation’s HR plate export offers remain unchanged against previous week amid dull buying both in export and domestic market.
Also competitive offers from other major exporting nations and sparse trading in China kept HR plate offers largely unchanged.
Currently Chinese origin heavy plate prices stands at USD 515-520/MT FoB China stable against the offers stood a week ago.
Meanwhile softening demand for plates among end users in China also lead to weakening plate prices in domestic market.
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