• SteelMint MS plate price assessment was INR 35,500-36,500/t ex Mumbai/Delhi.
• Indian mills optimistic on price hike as export volumes surge
HR plate prices were steady in the domestic market as re-imposition of lockdown in various places across India and increase in the number of containment zones affected trade and logistics.
However, an improvement in steel demand after easing of restrictions in economic activities since June offered support for prices.
SteelMint’s weekly price assessment for commercial grade plate (5-10mm, IS 2062) was INR 35,500-36,500/t in Mumbai and Delhi markets, excluding 18% GST.
Indian mills optimistic on price hike-Indian plate mills are optimistic about a price hike in the near-term owing to higher export volumes of plate and slab. Indian steel exports recorded an all-time high of around 2.2 mn t in June. Export volumes are expected to gain over the next few months as Indian mills are likely to keep offering competitive prices in the global markets amid slower domestic sales.
“Market sentiments are improving slowly. We have increased prices by INR 500/t earlier in this month and may go in for another increase by the end of the month. We have to see how long the bullish sentiment sustains,” said the senior executive from a plate mill.
“There is no sales pressure on mills, as most of them have booked export orders. For instance, SAIL has booked around 5-6 parcels of slab in the last few weeks. JSPL too has also sufficient plate orders from Europe,” he added.
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