Indian plate prices witnessed correction by INR 500/MT on weekly basis amid sluggish demand and bearish market sentiments prevailing in domestic market. Thus slow buying and limited demand leads to downside in HR plate prices in domestic market.
Currently HR plate prices (5-10mm, IS2062) is hovering around INR 40,500/MT (ex- Mumbai) and INR 40,000/MT (ex-Delhi). Prices mentioned above are basic and extra GST @18% is applicable.
Few trade sources shared that, “Domestic plate prices continued to remain weak over thin trades. Traders reported significant decline in sales volumes and thus expecting price support from major steel mills to escalate buying in domestic market”
Whereas amid lacklustre demand, hike announced by major steel mills in the beginning of the month by INR 750-1000/MT doesn’t seem to get absorbed in domestic market.
Chinese plate export offers slide further following decline in domestic market- This week Chinese plate export offers fell further owing to weakening steel prices in nation’s domestic market which in turn leads to decline in plate export offers from China.
Currently Chinese commercial grade plate prices fell by USD 10-15/MT W-o-W basis and were assessed at USD 495-505/MT FOB China which was USD 510-515/MT FOB China in previous week.
However major plate exporters in China like Tangshan Iron and Steel and Hebei Puyang Iron and Steel have kept their plate export offers on higher side which is around USD 510-520/MT FoB China.
Although overseas buyers continue to bid on lower side amid anticipation of further fall in export offers form China.
CIS-origin plate prices remain stable on weekly basis- CIS nations plate prices remained stable on weekly basis at USD 550-585/MT FoB basis. Last week also plate offers remained at similar levels.
Thus weakening demand post Ramadan holidays kept nation’s plate export offers steady on weekly basis.
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