This week domestic HR-plate prices surged by up-to INR 1,500-2,000/MT post announcement of 2nd price hike announced by prominent steel mills owing to supply constraints and restocking demand prevailing in the domestic market.
Thus, the plate prices in the retail segment stands at INR 38,000-39,000/MT (ex-Mumbai), and INR 39,000-39,500/MT (ex-Delhi). Prices mentioned above are basic, and extra GST @ 18% will be applicable.
Market sources believe that domestic plate prices can lift up further in Feb’20 in the back of strong market sentiments and increased buying in the domestic market.
Also, buyers are restocking the material actively in anticipation of a further increase in prices in the upcoming months.
Appreciation of RMB keeps Chinese heavy-plate export offers firm- The Chinese heavy-plate export offers, on a weekly premise, remain supported by the recent appreciation of RMB against the USD.
Thus, the current week heavy-plate offer continued to hover at USD 480-485/MT FoB China.
Major steel mills are offering around USD 490-495/MT CFR basis.
Also, as per the market reports, traders are pushing for deals at the higher end of the range as they have slated decent quantity in their order books.
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