Domestic plate prices are anticipated to remain supported as the sentiments have started to pick up in the domestic market after the Indian government announced unlock 1.0.
Few HR plate traders shared “currently trades are happening around 50% which was around 20-25% last week. This will boost market sentiments. However, on the other hand, the absence of labourers and disruptions in payment cycle continue to remain a concern”.
However, on a weekly basis, prices fell by around INR 500/MT in western India and have remained unchanged in northern India. Domestic price (IS 2062 5-10mm) stands at INR 35,500-36,000/MT (ex-Mumbai) and INR 36,000-36,500/MT (ex-Delhi). Prices mentioned above are basic, and extra GST @ 18% is applicable.
Chinese heavy-plate export offer increase on stronger domestic demand- The country has raised its heavy plate export offer by USD 10/MT for the week followed by strong domestic demand.
The current week export offer assessed at USD 470-480/MT FoB China compared with USD 460-470/MT FoB basis in the preceding week.
Also, Chinese steel prices gained momentum after the Brazilian Vale announced a suspension of its operations in its mines in Itabira complex to combat the COVID-19 outbreak.
Leave a Reply