Major Indian steel producers increased domestic HR plate prices by INR 1000/MT in Dec’19 owing to restocking demand, and bullish sentiments in the domestic market.
This, in turn, resulted in an upward trend in domestic HR plate prices in the traders market. SteelMint learned that domestic HR-plate prices have increased by INR 300-600/MT in prominent markets.
Hence, current HR-plate prices stand at INR 35,500-35,750/MT (ex- Mumbai), and INR 34,500-35,700 (ex-Delhi). The prices mentioned are basic, and extra GST @ 18% is applicable.
Resumption in buying activities and improvement in demand resulted in upward momentum in domestic plate prices.
Also, few other market sources shared that, “Demand is pretty good in Nov’19 as compared to Oct’19. Also, Indian mills announced a price hike recently this month, so it will take some time to absorb in the market.”
Chinese plate export offers remain stable- This week, Chinese heavy plate export offers remained stable on a weekly premise. However, buying remains robust in the domestic market.
Thus, Chinese heavy plate export offers continue to hover at USD 460-465/MT FoB China, remain stable against last week.
The market participants in China are reluctant to provide enough discounts to overseas suppliers as mills are willing to focus on the domestic market over higher prices and increased demand.
Also, few other sources shared that Chinese steel prices will remain stable in the near term as few steel mills are planning to shut down the operations ahead of Chinese Lunar New year holidays.
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