Chinese mills have again cut plate prices further by USD 5-10/MT, W-o-W owing to passive sentiments happening in the China’s domestic flat steel market. Chinese manufacturers remained distressed as the prices are constantly falling both in domestic and export market.
Current plate export offers are assessed in the range of USD 420-425/MT, FoB China.
Meanwhile prices of plates in domestic market are heard to be in the range of RMB 3,200-3,220/MT which is equivalent to USD 463-466/MT, including VAT & other taxes.
Major mills are offering in the range of USD 430/MT,FoB basis with the bargaining margins of USD10/MT. However some deals to South-East Asia have seen concluded at USD 420/MT, FoB .
Notably plate export prices have hit the lowest by USD 75/MT from the levels of 495-500/MT to the levels of USD 420-425/MT.
India- Domestic Plate Prices Static Over Sluggish Demand
Indian plate prices stable this week over weak and sluggish demand in domestic flat steel market. Market sources shared that buying activities remain sparse.
In major markets prices of plates are seen at INR 39,000-39,750/MT (ex-Delhi) and INR 39,000-39,500/MT (ex-Mumbai). Prices are inclusive of Excise duty of 12.5%.
Market participants mentioned that if demand continues to remain weak, then plate prices may come down in the domestic market or manufacturers may be seen offering discounts/rebates.
No fresh plate export offers were heard this week as manufacturers continue to hold offers. Last offers were at USD 540-545/MT, CFR Europe.
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