Indian plate exporters continue to hold offers and no firm offers are heard presently in the market. The tradable export offers for base grade plates are expected to be around USD 480/MT, FoB India.
However exporters may resume giving offers after prices in domestic market are announced. Plates prices in India’s domestic trade market have moved up. However companies are likely to announce it officially by 1st week of Jan’17. Presently plates prices are heard to be in the range of INR 37,000-37,500/MT (ex-mill).
According to trade sources domestic flat steel demand continues to remain dull. However on the other hand, India’s largest car maker – Maruti Suzuki India Ltd recently said that it has started to see an uptick in demand for its vehicles after weeks of sluggishness caused due to demonetization. As per reports, company’s retail sales in the festive months of October and November were 6-7% higher Y-o-Y but bookings in Nov’16 fell drastically. But so far in Dec’16 the bookings are 7% higher than last year.
China’s Plate Export Offers Plunged over Domestic Market Retreat
China’s flat steel market which was showing price rally is now on the downtrend this week as the market start to lose its strength in the domestic market. Although,Plate exports offers have shown the decline in the second consecutive week on account of fall in domestic plate prices.
Current export offers of commercial grade Plates are hovering in the range of USD 460-465/MT, FoB China. Last week offers were in the range of USD 470-480/MT, FoB basis.
Plates prices in China’s domestic market is down by RMB 15/MT and are assessed in the range of RMB 3,400-3,430/MT (USD 489-494/MT) including VAT.
Export offers of plates continued to fall this week amid retreat in domestic prices. Overseas buyers have adopted wait and watch approach as the buying activities remain thin this week.
No major deals are concluded yet, However, small quantity of exports have been exported to South East Asia at FoB 460/MT.
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