Domestic plate offers moved up by INR 1000-2000/MT W-o-W basis on account of rising production cost in the domestic market.Higher raw material costs and spurt in global prices leads to upsurge in domestic plate prices in Indian market.
However reference prices (basic) for plates (5-10 mm, IS 2062) for this week are heard at INR 38,800-39,000/ MT (ex-Delhi) and INR 39,000-40,000/MT (ex-Mumbai).The prices mentioned above are basic prices excluding GST @ 18%.
Although Indian mills have hold the plate export offers as they want to see the impact of Fire Breakout at Ben-gang Blast Furnace that took in China. Most of them are expecting that prices may rise as it will take time to resume operations.
China : Plate export offers jumps further over strong domestic demand
Chinese plate export offers moved up sharply by USD 15/MT over bullish sentiments prevailing in the domestic market.Domestic market has strengthened over the past week which leads to spurt in plate export offers in China.Although thin buying activity prevails in the domestic market.
Current export offers are recorded at USD 545-555/MT,FoB China.Last week the same was heard in the range of USD 535-540/MT,FoB basis.
Meanwhile plate prices in the domestic market moved up by RMB 230/MT and are are heard in the range of RMB 4,190-4,210/MT, equivalent to USD 641-644/MT including VAT.
Major mills are offering in the range of USD 570/MT,FoB basis but buying interest is expected to be around USD 560/MT, FoB.However overseas buyers need sometime to gauge the inflated offers in the global market as they are reluctant to purchase above USD 555/MT on FoB basis.
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