Indian MS plates players are demanding imposition of safeguard duty on plates after Indian government’s announcement of 20% provisional safeguard duty on certain hot rolled products.
Domestic offers for plates have remained unchanged in comparison to last week owing to stagnant demand in the market.
Current offers for for 5-10 mm MS plate (grade IS2062) is assessed at INR 28,000-28,500/MT (ex-factory basis), INR 29,500-30,500/MT delivered at Delhi and INR 29,500/MT delivered at Chennai (all prices excluding excise of 12.50%).
MS plates are being offered in the range of USD 305-310/MT from China for October shipments, whereas POSCO, Indonesia is not offering for October shipments. Last trades were assessed at USD 345-350/Mt CFR India for base size 16-20 mm.
There is mixed sentiment in domestic steel market after imposition of 20% provisional safeguard duty (SD) on hot rolled products announced on 14 Sept’15. Some manufacturers may increase prices for October deliveries, whereas some will keep it unchanged owing to high inventory levels.
While HRC manufacturers are happy with imposition of safeguard duty, end users such as CRC and GI manufacturers are demanding SD on their products as well.
This is because there is now increased risk of cheaper CRC imports from China, Japan, and Korea.
Prices include excise of 12.50%
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