Dull demand amid festive season ahead leads to further fall in plate prices by INR 500/MT in traders market.
Plate prices moved down marginally due to dwindling demand amid festive season approaching in domestic market.Weak demand led to thin buying which pushes the traders to decrease the prices further in the domestic market.
Currently reference prices (basic) for plates (5-10 mm, IS 2062) for this week are heard at INR 38,000-38,500/ MT (ex-Delhi) and INR 37,500/MT (ex-Mumbai).The prices mentioned above are basic prices excluding GST @ 18%.
Market participants shared that plate export offers are heard to be in the range of USD 590/MT FoB India.Few days back bookings of 5000 MT have been made with Europe in the levels of USD 630/MT CFR basis.
Chinese Plate export offers observe decline over weakening domestic market–
Chinese plate export offers moved down this week by USD 10/MT W-o-W basis on bearish sentiments in the domestic market.
Current export offers are recorded at USD 540-555/MT,FoB China.Last week the same was heard in the range of USD 550-555/MT,FoB basis.
Meanwhile plate prices in China’s domestic market drifted down drastically by RMB 100/MT and are heard in the range of RMB 3,950-3,980/MT, equivalent to USD 595-600/MT including VAT.
Major mills in China are offering in the range of USD 550/MT,FoB basis and they are open for negotiation for overseas buyers. Bookings of 5000 MT have been made with South East Asia in the range of USD 535/MT, CFR basis.
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