This week HR-plate prices in the domestic market were held steady owing to re imposition of lock-down and announcement of containment zones. Restrictions in material movement hampered the trade activities and the price remained largely stable
Currently plate prices (5-10mm, IS 2062) are hovering at INR 35,500-36,500/t in Mumbai and Delhi markets. The prices mentioned above are basic, and extra GST @ 18% is applicable.
On the other hand, SteelMint learned from a major plate manufacturer learned that, “Market sentiments are improving slowly. We have increased prices by INR 500/t and may go for another increase by month end. Now we have to see if this sentiment sustains for how much time.
However further hike in plate prices shall be absorbed in domestic market remain uncertain amid slow pickup in demand.
Chinese heavy plate offers marginally up on improved demand-
Chinese steel mills increased the prices by $5/t this week as the domestic market gained momentum. However, demand from the infrastructure and construction sectors have taken a toll from the recent devastation caused by heavy rains and consequent floods in eastern and southern provinces.
After the increase, the export offers now stand at $485-495/t FoB China, which was $480-490/t FoB basis a week ago.
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