Weak sales and pessimistic demand outlook have made Chinese plate prices slip by USD 5/MT W-o-W basis.
Current offers for commercial quality (S235 equivalent to A36) from China are being assessed at USD 290/MT (CNF India), down by USD 5/MT from SteelMInt’s assessment last Thursday.
No firm offers were being reported from POSCO-Indonesia since last one month. However today trade sources have informed SteelMint that POSCO-Indonesia has cut their offers by USD 10-20/MT.
Currently its MS plates of base size 16-20 mm are being offered in the range of 310-320/MT,CNF India basis. POSCO-Korea plates offers are assessed at USD 330/MT,CNF India.
It is to be noted that imports from Indonesia do not attract any duty owing to recent preferential trade agreement signed by Indian government with ASEAN countries.However Chinese imports attracts a duty of 12.5%.
Fall in Domestic Prices
Giving up to the pressure from cheap imports, primary producers in India have also cut their prices by INR 500/MT. Current offers for commodity grade (IS2062) are being assessed at INR 27,000/MT (ex-works excluding excise of 12.5%).
Base grade (10-20 mm) plates are being offered at INR 28,500-29,500/MT (ex-Delhi and Mumbai). Prices exclude excise of 12.5%.
Trade sources have informed SteelMint that few primary producers might even offer discounts on bulk bookings.
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