Indian HR-plate prices moved up this week by INR 400-450/MT W-o-W on the back of active buying and recovery in demand in the domestic market.
Thus, the current effective HR plate prices (IS 2062,5-10mm) stand around INR 35,000-35,250/MT (ex-Mumbai), and INR 34,000-34,500/MT (ex-Delhi). Prices mentioned are basic and extra GST @ 18% is applicable.
Trade sources based in the northern region shared that, “Prices have started moving up over the active trades and optimistic sentiments in the domestic market. Also if this hike is absorbed in the domestic market then this may result in further uptrend in plate prices.”
Also, other sources shared that, “Prices have gained the momentum in the domestic market, but demand is not improving at the same pace. Thus few of them remain skeptical about further increase in prices.”
Chinese plate offers move down slightly W-o-W- This week Chinese heavy plate offers stood at USD 435-450/MT FoB China, down by USD 5/MT in comparison with USD 440-450/MT FoB basis in the preceding week.
Although few major Chinese plate mills are also offering on the higher side which is around USD 460-470/MT FoB basis. However, buyers in Vietnam are procuring material at USD 440-445/MT FoB basis.
Thus, amid lower inventory levels and a weakening dollar, it may result in higher Chinese plate prices in the near term.
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