This week Indian plate prices continue to remain bearish and witness further correction by around INR 500/MT in major markets. Thus thin trades and lacklustre demand weighed down plate prices in domestic market.
In addition to this, Indian HRC prices continued to remain under pressure which in turn impacted plate prices in domestic market.
As per SteelMint assessment HR plate prices (5-10mm), IS2062) in traders market are hovering around INR 40,000/MT (ex- Mumbai) and INR 39,000-40,000/MT (Ex-Delhi). Prices mentioned above are basic and extra GST @18% is applicable.
Traders based in domestic market are waiting for price revision by major Indian steel mills for the month of July.
Few industry participants communicated that Indian steel mills may roll over flat steel prices in July. However outcome of the same is expected post budget announcement.
Chinese plate export offers strengthen further- This week nation’s HR plate export offers uptick by USD 7-15/MT owing to gains in domestic and overseas market.
Currently China origin commercial grade plate prices stands at USD 512-520/MT FoB China which was USD 505-515/MT FoB China in previous week.
Meanwhile major steel mills in China is offering HR plates on higher side which is in the range of USD 525-530/MT FoB basis.
Despite uptrend in HR plate prices in global and in local market this week, demand continues to remain subdued. However buyers who are in urgent need of material are making fresh bookings at increased prices.
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