This week domestic HR-plate prices continue to show an upward trend over restocking demand and increase in trade inquiries in the domestic market.
Hence, current HR-plate prices stand at INR 35,250-35,500/MT (ex- Mumbai) and INR 34,000-35,000 (ex-Delhi). The prices mentioned are basic, and extra GST @ 18% is applicable.
Market sources based in Mumbai shared that “Sentiment in the domestic market is improving gradually amid a rebound in plate prices since prices reached the bottom before Diwali over the pessimistic market sentiments.”
Another trade-participant based in Delhi quoted that, “Amid improved sales and increased inquiries market participants are anticipating further hike in plate prices by Indian steel mills in Dec’19.”
Also, few market sources shared that the payment cycle is also improving slowly over active trades, which fuels optimism and may absorb further hike in the domestic market.
Chinese plate export offers remain stable on weekly basis- This week, Chinese heavy plate export offers remained unaltered over the previous week.
Currently, Chinese heavy plate export offers stood at USD 460-465/MT FoB China remained similar against last week
Decent demand with better margins in the domestic market, along with low trades in the overseas markets, propelled Chinese mills to keep their export offers stable this week.
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