This week domestic HR-plate prices declined by INR 500-1,000/MT over lower trades happening in the major markets since the situation hardly improves even after easing restrictions and lifting lockdown in many regions in the domestic market.
Domestic prices continued to hover at INR 36,250-36,500/MT (ex-Mumbai) and INR 36,000-36,500/MT (ex-Delhi). Prices mentioned above are basic, and extra GST @ 18% is applicable.
A few traders shared, “Scarcity of labour and delayed payments creates hurdle in the market which delays transactions and in turn leads to slow sales.”
Meanwhile, trade sources are waiting for price announcement by major steel mills and expecting price support to escalate buying in the domestic market.
Chinese heavy-plate export offer increase on stronger domestic prices
Chinese mills raised their heavy plate export offer by USD 5-10/MT this week on boosted market sentiments.
The current week export offer assessed at USD 460-470/MT FoB China compared with USD 455-460/MT FoB basis in the preceding week.
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