Following limited trades in the domestic market, the HR-plate prices remained largely stable this week owing to lockdown in India until 31st May’20 which may get extended to Jun’20 as the intensity of COVID increases. Trade participants shared that 20-25% of deals are happening in the domestic market.
Thus the prices continued to hover at INR 36,500-37,000/MT (ex-Mumbai) and INR 37,000-37,500/MT (ex-Delhi).Prices mentioned above are basic and extra GST @ 18% is applicable.
Market participants in Northern India shared that, “domestic plate prices may weigh down on lower sales in upcoming weeks since lockdown may get extended in June.”
Also, Indian mills are planning to announce the price revision in flat steel in the first week of June. Thus traders have adopted a wait and watch mode and expect discounts and rebates to push trades in the domestic market.
China’s heavy-plate export offers remained range-bound- Chinese heavy-plate export offer stands at USD 455-460/MT FoB China basis, which was USD 455-465/MT FoB basis a week earlier. Major mills are offering HR plate export offers at USD 460-470/MT FoB basis.
Thus, mills are enjoying stable demand in the domestic plate market and have kept export offers largely stable to secure orders in the overseas market.
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