Indian Mills Conclude Plate Export Deals in Absence of Chinese Supplies

Indian mills conclude about 20,000-25,000 MT plate export deals last week in absence of Chinese supplies.

As per market sources, Essar Steel one of India’s largest steelmaker has exported 10,000 MT (base grade) to Europe at USD 540/MT CFR Europe, which is equivalent to USD 505/MT FOB India,

However,JSPL (Jindal Steel Power Limited) has concluded plate export deal around 10,000-15,000 MT to Europe in the range of USD505/MT FoB India port for March shipments.

Absence of Chinese mills in quoting plate export offers have given the opportunity to Indian steelmakers to seal the deal of plates in the foreign market..

1. Anti dumping duty on Chinese plates –
It is to be noted that many countries have anti dumping duty imposed on imports of HR plates of Chinese origin. In order to provide relief to domestic EU companies, European Commission imposed duties ranging between 65.1% and 73.7% for heavy plates.

2.CIS based exporters are booked for March loading-
CIS-origin plate export offers are heard in the range of USD 510-515/MT,FoB Black sea.CIS countries have surged the plate export offers by USD 10-30/MT in the backdrop of optimistic sentiments prevailing in the domestic as well as export market.

Market participant have mentioned that plates have been exported to Europe and Africa in the range of USD 510-515/MT,Fob Black Sea.

Absence of competition from CIS countries which are already been booked for March plate export shipments, has benefitted Indian plate exporters.