Domestic plate prices continued to remain on downside amid seasonal slowdown with onset of monsoon season. Also collapsed demand in domestic market over lower purchases from end users resulted to downtrend in domestic plate prices.
Currently trade reference prices for HR plate (5-10mm,IS2062) hovering around INR 37,500-38,500/MT (ex- Mumbai). However plate prices stood at INR 37,000-38,000/MT (Ex-Delhi) down by INR 500/MT against last week. Prices mentioned above are basic and extra GST @18% is applicable.
As per data maintained with SteelMint, domestic HR plate prices (5-10mm,IS 2062) stood at INR 39,500/MT (ex-Mumbai) in beginning of Jul’19 witness sharp fall by around INR 1500/MT and stood at INR 38,000/MT (ex-Mumbai) in beginning of Aug’19.
Trade sources shared that , “We are waiting for discounts and rebates to be announced by major steel mills which will help to improve sales in domestic market. Also further correction is expected by the end of this month.”
Few other trade participants shared that towards the end of monsoon season plate prices will start to pickup over resumption of active trades in domestic market.
However, in the beginning of this month major steel mills announced roll over in flat steel prices for August deliveries.
Chinese plate export offers decline on weekly basis- Chinese HR plate prices witness decline by USD 10/MT on weekly basis over bearish market sentiments coupled with higher inventory levels and inactive buying prevailing in domestic and overseas market.
Currently Chinese origin heavy plate prices stands at USD 505-510/MT down by USD 10/MT FoB China which was USD 515-520/MT a week ago.
Meanwhile major steel mills are offering HR Plate export offers around USD 515/MT Fob basis.
Depreciation of RMB against USD after recent escalation in US-China trade feud coupled with weak buying interest weighed on the plate prices.
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