The nation’s domestic plate prices have hit 7 months low in the Mumbai market, as per records maintained with SteelMint.
Current HR plate prices in Mumbai stands at INR 35,000-35,500/t (ex-Mumbai) with such level last witnessed at the end of Nov ’19. The price mentioned above is basic, and GST @ 18% extra is applicable.
Meanwhile,ex-Delhi prices remain unchanged at INR 35,000-36,000/t. The price mentioned is basic, and GST @ 18% extra is applicable.
Comments from reliable sources-
“Currently traders are holding enough inventory and are delaying fresh purchases,” shared a Northern India based market source.
Other market sources shared that
— Rapidly increasing COVID-19 cases both in Mumbai and Delhi keeps end-users demand low.
— The seasonal slowdown looming ahead with the monsoon to spread across the nation sooner has led to bearish sentiments in the market.
–Also trade sources are waiting for price announcement from major steel mills for July deliveries.
China heavy plate export offers remain unchanged
— Steel manufacturers’ shifted focus to domestic market keeping the export offers stable over the week with an improved demand amid the government’s focus on providing a thrust to the construction sector.
— Meanwhile, the overseas buyers showed limited interest amid the availability of cheaper alternatives.
— The current week heavy plate export offer continued to hover at $475-480/t FoB China.
— Further, Chinese mills anticipate demand from Southeast Asian countries to remain low with the approaching monsoon season. On the other hand, prices might fluctuate due to further improvement in demand from the domestic infrastructure and construction sector.
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