Indian Plate Market Shows Mixed Response

With anticipation of MIP (Minimum Import Price) and safeguard duty on plates, Indian traders have entered into wait & watch mode.

The news of MIP on steel imports have been doing rounds in the Indian steel circuit since Dec’15. Owing to this domestic flat steel products including HRC/CRC and plates prices have remained almost stable with marginal fluctuations throughout the month.

Also Indian plate market is abuzz with the talks of safeguard duty likely to be imposed by the government leading to mixed sentiments in the market.

Domestic traders have entered in to wait and watch mode and have stalled their import bookings. Plate manufacturers are also playing safe by keeping their prices unchanged and are waiting for safeguard duty or MIP or both.

Current offers for base size (16-20 mm) plates are being heard at INR 25,500-26,000/MT (ex-Works basis). Price exclude excise of 12.5%.

With start of year 2016, China’s plate export offers have increased in the range of USD 10-15/MT. The key reason being bullish sentiments in its domestic spot market.

Many plate manufacturing mills in China plan to go in for plant maintenance this month owing to which prices are likely to increase further in near term.

Current offers for commercial grade (A36) plates from China are being heard in the range of USD 285-290/MT, CNF India while at USD 300-305/MT from POSCO-Indonesia on CNF India basis.

Source: SteelMint.com