The domestic HR-plate prices were stable during the week amid low inquiries. Also, the prices had witnessed a decline last week owing to higher inventories with the traders. However, the market awaits a price announcement from major steel manufacturers for the July deliveries.
The current week price continued to hover at INR 35,000-35,500/t (ex-Mumbai) and INR 35,000-36,000/t (ex-Delhi). Mentioned prices are basic and GST @ 18% extra is applicable.
Comments from market sources-
A trader in the north shared, “the manufacturing and allied industries like transport along with the downstream sectors continue to face labour shortage amid increasing threat of COVID infections. This has kept the inquiries in the market limited to an urgent basis.”
Chinese heavy plate export offer increase on strong domestic demand-
Chinese steel manufacturers have kept their offers unchanged amid strong demand and better margins in the domestic market. Also, there has been a low buying interest among importers on higher Chinese offers.
Thus, currently, the offer stands at $480-485/t FoB China, which was a $475-480/t FoB basis in the preceding week.
The nation’s government is focusing on the infrastructure that has pushed OEM manufacturers to produce more excavators and other heavy machinery. Also, there is an increase in inbound orders at the major shipbuilding companies. These reasons can be attributed to the upturn in the nation’s domestic plate prices.
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