India-
Domestic HR plate prices stable due to demonetization of higher value currencies with the motive to eliminate black money
Market participants reported a sharp fall in demand post Indian government ban on higher denomination notes of INR 500-1000
Buying interest has dropped significantly from traders and stockiest. Prices may come under pressure if situation persists for some more time. Indian steel mills will remain under pressure on higher cost of production and falling sales.” quoted by a senior official at one of the plate mill in west India.
Thus, current prices of commercial grade plates (16-20mm) are being heard at INR 32,500-33,000/MT (ex-mill) basis. Equivalent to USD 488-495/MT. Prices excluding excise duty of 12.5%.
Whereas plates price s in Mumbai and Delhi are assessed in the range of INR 38,000-38,500/MT.Prices including excise duty of 12.5%.
However, Indian export offers are heard to be in the range of USD 440-450/MT.Currently no major deals are heard in the market.
China:
China’s domestic market has become stagnant as the domestic market cools down.Sharp drop in domestic flat product prices has also led to fall in plate prices.
The country’s export offers are hovering in the range of USD 435-440/MT,FoB China. Buying activities remain thin as the overseas buyers are anticipating further fall in export prices by USD 5-10/MT.
Prices will retreat again after the continual decline in the domestic market. However, market participants are of view that the higher production cost and limited stocks will led to stabilization or further rise in prices after retreating a bit.
CIS Countries:
CIS-origin flat product export offers have shown uptrend this week by USD 35/MT. The country’s flat products prices rose sharply by 17% against last month
Currently plate export offers are assessed at USD 435-450/MT, FoB Black Sea.But only handful of deals are heard in the market.
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