Indian plate prices reported further correction by around INR 500/MT on weekly basis owing to limited trade activities prevailing in domestic market.
Also significant decline in HRC prices resulted to falling plate prices in domestic market.
Currently HR plate trade reference prices (5-10mm, IS2062) are hovering around INR 40,000/MT (ex- Mumbai) and INR 40,000/MT (ex-Delhi). Prices mentioned above are basic and extra GST @18% is applicable.
Market sources shared with SteelMint that, “Plate prices continued to remain weak amid cash crunch in domestic market. Also approaching monsoon season may further pressurize domestic plate prices.”
Prior to this, in previous week HR plate prices had fallen by INR 500/MT owing to thin trades.
Chinese plate export offers move up- This week nation’s HR plate export offers witness increase by around USD 5-10/MT over gains in domestic market.
Currently Chinese commercial grade plate prices stands at USD 505-515/MT FOB China which was USD 495-505/MT FOB China in previous week.
Major steel mills in northern region is offering HRC plates in the range of USD 515-520/MT CFR basis.
Thus customers are trying to secure cargoes in anticipation of further increase in steel prices in China.
Also recent production cut announcement in Tanghshan region led to strong futures and upsurge in Chinese steel prices since the beginning of this week.
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