Imported Plate Offers to India Fall by USD 10-15/MT

Imported MS plate offers to Indian market correct amid sharp fall in Chinese prices. Domestic plate makers may be forced to cut offers in August.

POSCO, Indonesia MS plate (A36) offers for August shipment are assessed at USD 380-390/MT, CIF India for base size (16-20 mm). Last month’s offers were USD 400-405/MT, CIF India for base size (16-20 mm). There is no duty on import from Indonesia due to recent preferential trade agreement signed by Indian government with ASEAN countries.

Chinese commercial quality (A36) plate offers are heard to be in the range of USD 330-340/MT, CIF India for August shipments, which were USD 350/MT last month. Steel prices in Chinese domestic market dipped sharply in July, which resulted in lower export offers.

Indian Plate Offers Stable; may Correct on Cheaper Import

Indian plate offers are hovering in the range of INR 28,500-29,000/MT ex-factory. Indian manufacturers have hold their offers for July, although they are offering discounts on bulk booking. Prices for MS plate are assessed at INR 30,500/MT ex-Hyderabad, INR 30,000/MT ex-Chennai and INR 30,500-31,000/MT ex-Delhi (all prices excluding Excise of 12.5%).

In 1^st two month of FY16, India has imported plate majorly from Japan, followed by Germany, Indonesia and China.

Plate Import to India in FY16

Quantity in 000’MT
Source: JPC