Chinese plate export offers move down marginally by USD 5/MT on account of softening in demand from overseas buyers. Passive market sentiments coupled with weak demand led to fall in plate export prices.
Current Plate export offers are assessed in the range of USD 490-495/MT,FoB China. Last week the offers were heard in the range of USD 490-500/MT,on FoB basis.
Meanwhile prices of plates in domestic market are heard to be in the range of RMB 3,680-3,730/MT which is equivalent to USD 532-539/MT, including VAT taxes.
Market participants mentioned that transactions are not done even on lower bids and overseas buyers are expecting further fall in export prices. Buying activities remained gloomy this week which forced the Chinese mills to cut the export offers with the motive to achieve sales target.
Indian Plate Prices Unaltered, Expect Price Rise In Near Term
Indian plate prices remained stable as traders and manufacturers have overstocked the inventories causing pressure on domestic plate prices. Despite this, manufacturers are anticipating further rise in plate prices in coming days.
Current prices of commercial grade plate are hovering in the range of INR 35,000-36,000/MT(ex-mill).Prices are exclusive of Excise duty of 12.5%.
In major markets prices of plates are seen at INR 40,000-40,500/MT(ex-Delhi) and INR 40,750/MT (ex-Mumbai).Prices are inclusive of Excise duty of 12.5%.
However, plate export offers from India are hovering in the range of USD 495-505/MT,FoB India.
CIS-Countries Offers Higher by USD 10-15/MT
CIS-origin plate export offers have seen edging up USD 10-15/MT and are heard to be in the range of USD 524-525/MT,FoB Black sea. Whereas last week offers are heard to be in the range of USD 510-515/MT on FoB basis
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