This week Chinese steel mills reduced their HR-Plate export offers further by USD 10-15/MT on weekly basis to entice overseas buyers in order to escalate trades in global market.
Currently Chinese origin heavy plate export offers stand at USD 470-475/MT FoB China declined by USD 10-15/MT which was USD 480-490/MT FoB China a week ago.
Meanwhile Chinese steelmakers reduces plate prices as they are under pressure to sell the cargoes to overseas buyers over low demand in domestic market.
However the steelmakers are now eyeing for fresh offers for Nov deliveries as they have almost finished with their bookings for Oct. Also buyers are returning to the market as there is enough room for negotiation since mills are trying to improve buying in exports market.
Indian HR-Plate prices remain stable- Inactive trades and bearish market sentiments have kept HR plate prices stable in domestic market this week.
Currently trade reference prices for HR plate (5-10mm,IS2062) hovering around INR 36,500-37,500/MT (ex- Mumbai) and INR INR 36,000-37,000/MT (Ex-Delhi) unchanged against previous week. Prices mentioned above are basic and extra GST @18% is applicable.
Domestic HR plate traders shared with SteelMint that “Trade segements are waiting for price announcement by major Indian steel mills along with discounts and rebates for the month of September.”
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