Indian steel makers have been actively exporting HR plates this fiscal. Hike in global prices resulting in improved realizations and strong demand from Europe triggered the Indian plate exports in global market.
According to provisional data released by Joint Plant Committee (govt. Of India) Plate exports from India were recorded at 93,380 MT in Q1 FY18 compared to 63,990 MT in Q1 FY17. Thus plate exports have increased by 46% Y-o-Y in 1st quarter of current fiscal.
However market participants shared that Indian steel mills have resisted from quoting offers after the today’s fire break out incident in China.
China: Fire Breakout at Ben-gang Blast Furnace
The biggest blast furnace of northeastern China’s Benxi Iron & Steel (Bengang) and 2nd largest in China caught fire today morning.The blast furnace having volume of 4,747 cubic metres produces nearly 9,000-10,000 MT hot metal per day. As per reports, the furnace would be put under maintenance from now on-wards and is expected to take nearly six-months to resume operations.
Bengang Steel Plates Co., Ltd is a subsidiary of Benxi Steel Group Corporation. Bengang Steel Plates provides steel plates, steel billets and other products.
China steel future rises post fire incident at Ben-gang-
Post fire incident at Bengang,Chinese steel futures for hot rolled coils went up by RMB 138/MT and are in range of RMB 4,204/MT. Chinese mills are carefully addressing the situation with the anticipation of further rise in steel prices
Last offers for 8-80mm were in the range of USD 580-585/MT, FoB basis. However Indian manufacturers have hold their offers as they want to see the impact of accident that took in China. Most of them are expecting that prices may rise as Benxi Iron and Steel mill in China will take time to resume operations.
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