Indian mills have raised the plate prices in by INR 500-1000/MT on the backdrop of supply crunch in the domestic market.
Currently plate prices in the Indian market are heard in the range of INR 38,500-39,000/MT (ex-Delhi) and INR 39,000-39,500/MT (ex-Mumbai). Prices are inclusive of Excise duty of 12.5%,VAT/CST extra.
SAIL RSP (Rourkela Steel Plant) which accounts for 1.0 MnT to plate production suffered a setback following a breakdown on 20 May’17 and as per reports it may take atleast 10 days to stabilise operations fully.
Plate prices have increased despite dull and lethargic demand prevailing in the domestic plate market. As quoted by the trader based in Mumbai”Rise in plate prices is difficult to absorb in the domestic market and it is also anticipated that prices will decline soon by INR 1000/MT in near term once supply normalizes.”
Huge quantity of flat steel importers will soon arrive in India along will implementation of GST which will affect the sales volumes and prices in June’17.
Chinese Plate Export Prices Slashed Amid Weakening Domestic Market-Chinese mills have slashed the plate export offers by USD 10/MT owing to constant decline of plate prices in the domestic market.Overseas buyers are waiting for further decline in export offers as thin buying activity continues to prevail in the domestic market.
Current plate export offers are assessed in the range of USD 435-440/MT, FoB China.Last week the prices was in the range of USD 445-450/MT,FoB basis.
Meanwhile domestic prices of plate are assessed in the range of RMB 3,160-3,200/MT which is equivalent to 465-471/MT including VAT.
Major plate exporters have also declined their export offers by USD 10/MT owing to limited demand from overseas buyers.Lower bargaining scope and thin trading results to fall in plate prices.
Leave a Reply