Imported Plates Prices to India Inch Down, Domestic Prices Follow Suit

POSCO-Indonesia lowered down its plates offers to India amid subdued demand and increased competition from Chinese export offers.

Although international HRC/CRC market have become relatively stable since start of 2016, imported plates offers to India are exhibiting a down trend.

POSCO-Indonesia have lowered down their plates offers to India by USD 5/MT against last week. Current offers for commercial grade (A36) plates from POSCO-Indonesia are assessed at USD 295/MT, CNF India basis.

However commercial grade chromium containing plate offers from China are relatively stable at USD 285-290/MT, CNF India since SteelMint’s assessment on 7 Jan’16.

With Chinese New Year holidays approaching Chinese exporters have become passive and are keeping their offers firm. Even Indian importers are not showing much buying interest for imports at this point of time.

“The Indian importers are booking only those orders which are expected to arrive India in the month of Feb. However no one is interested in booking shipments arriving in March as BIS license is being made mandatory from 18 Mar’16”; quoted an importer based in Gujarat.

Domestic Plates Prices

With the news of MIP being delayed by Indian government, domestic plate prices in India have registered a fall of INR 500/MT. Current offers for base size (16-20 mm) plates are being heard at INR 24,500-25,000/MT (ex-Works basis). Price exclude excise of 12.5%.

“Currently plates’ domestic demand in India is quite weak and landed cost of imports is still lower than domestic prices. With MIP not coming anytime soon, we are uncertain if prices would increase in near term. Prices will move up only if safeguard duty on plates is imposed by the government”; quoted a plate trader based in Mumbai.

On Oct 28’15, a petition was filed by SAIL, Essar Steel, JSW Steel and Jindal Steel & Power Ltd for imposition of safeguard duty on imports of plates. DG Safeguards accepted the petition and investigation on the same is being carried out. The public hearing on the case is scheduled on 5 Feb’16.

Plates Prices  as on  21 Jan’16

Source: SteelMint Research