This week domestic plate prices remained range-bound in key markets. However, traders shared that inquiries remain limited as buyers are holding enough stock in hand and are hesitant to purchase at higher prices.
Currently, the plate price stands at INR 38,700-39,000/MT (ex-Mumbai), and INR 38,800-39,000/MT (ex-Delhi). Prices mentioned above are basic, and extra GST @ 18% will be applicable.
Buyers in the northern region shared that, the current hike seems difficult to accept in the market as demand remains lull this week. However, in Jan’20, major Indian steel mills raised steel prices twice over restocking demand.
Meanwhile, the absence of imports from South Korea, and Indonesia kept plate prices largely supported.
China heavy-plate exports offer tumble on Coronavirus issue- The Chinese heavy-plate exports offer declined by USD 10/MT amid coronavirus outbreak in the Wuhan city.
Thus, the nation’s plate export offers slipped to USD 480-490/MT Fob China, which was USD 490-500/MT in the preceding week.
The Chinese government had previously extended the New Year holidays until 2 Feb’20 after the lockdown of Wuhan city on 23 Jan’20. However, key regions of Beijing, Shanghai, and Tianjin have extended the holidays further until 9 Feb’20, which has kept the market activities limited with only a few participants resuming activities after the holidays.
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