This week domestic HR plate prices continue to remain sluggish amid severe drop in demand and inactive trades happening in domestic market. Also bearish market sentiments and ongoing monsoon season pulled down prices in domestic market.
Currently trade reference prices for HR plate (5-10mm,IS2062) hovering around INR 36,500-37,500/MT (ex- Mumbai) slide down marginally by INR 250/MT against previous week. Prices mentioned above are basic and extra GST @18% is applicable.
However plate prices remain unchanged and stood at INR 36,000-37,000/MT (Ex-Delhi) against previous week. Prices mentioned above are basic and extra GST @18% is applicable.
HR plate traders shared with SteelMint that “The continual fall in plate prices over seasonal slowdown has made end-users and down-stream buyers reluctant to purchase material in anticipation of further correction in prices.”
Thus traders are expecting heavy discounts and rebates from major steelmakers to stimulate buying in domestic market.
Also major Indian steelmakers are likely to revise domestic steel prices in first week of Sep’19.
Chinese plate export offers slide down further- Chinese HR plate prices witness further correction by USD 5-10/MT on weekly basis over weak overseas demand along with ongoing US-China trade spat.
Currently Chinese origin heavy plate prices stands at USD 480-490/MT FoB China declined by USD 5-10/MT which was USD 490-495/MT FoB China a week ago.
Thus Chinese steel mill lowered their plate export offers in order to escalate buying and attract overseas buyers to procure material at lower prices.
Meanwhile volatile futures and lower domestic prices shifted the interest of Chinese steelmakers to exports by lowering HR plate offers for overseas buyers.
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