China: Plate Exports on Hold by Chinese traders

Chinese plates market has declined at the end of August. Most of the China's mills have suspended exports in view of weak demand. South East Asian buyers rejected current offers and are looking for discounts, whereas most Chinese mills are opposing discount and withdrawing export offers. However Chinese exporters prefer to sell their material locally.

Owing to weak demand trader’s stocks has been increased by 2.1% in a week, to 1.48 MT. It has been noted that stockist's domestic prices dropped RMB 5/MT in a week. Price offered to domestic buyers USD 645-655/MT for 8 mm and USD 600-610/MT for 20 mm material on ex-stocks basis including 17% VAT.

In spite of feeble demand of plate in China, suppliers are expecting prices to increase in starting of September, which may come down in middle of month anticipating that imported iron ore prices will fall.

Currently some Chinese leading plate manufactures are quoting plates on FOB basis in range of USD 550-565/MT