This week market sources shared with SteelMint that domestic plate prices continued to remain on downside over poor demand, lower consumer spending along with liquidity crunch and ongoing monsoon season in domestic market.
Currently trade reference prices for HR plate (5-10mm,IS2062) hovering around INR 37,000-37,500/MT (ex- Mumbai) down by INR 750/MT over previous week. However plate prices remain unchanged and stood at INR 36,000-37,000/MT (Ex-Delhi) against previous week. Prices mentioned above are basic and extra GST @18% is applicable.
HR plate traders shared that “Buyers with urgent need of material are doing the inquiries. However others are resisting to book the material now over constant fall in domestic prices.”
Few other trade sources mentioned that domestic HR plate prices expect further correction in upcoming days over tepid demand and limited trades happening in domestic market.
Meanwhile few major Indian steelmakers are planning to cut production in order to offset domestic demand.
Chinese plate export offers continue treading downside on weekly basis– Chinese HR plate prices witness further correction by USD 5/MT on weekly basis over low buying interest amid weak overseas demand and falling steel prices in domestic market.
Further, overseas buyers continue bidding on lower side with expectation of booking material at cheaper prices.
Currently Chinese origin heavy plate prices stands at USD 490-495/MT FoB China down by USD 5/MT which was USD 495-500/MT FoB China a week ago.
Major Chinese steelmaker is offering HR plate prices at around USD 505/MT FoB basis.
However depreciation of Yuan against USD and absence of robust demand kept domestic plate prices and export offers on lower side .
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