Indian MS Plate Prices Unchanged at INR 29,500-30,500/MT Ex-works

Indian plate prices remain unchanged this week, although demand remained sluggish. Current offers for 5-10 mm MS plate (Grade IS2062) are assessed at INR 29,500-30,500/MT Ex-factory and INR 31,500-32,000/MT delivered to Mumbai and INR 32,000-32,500/MT delivered to Delhi (all prices excluding excise of 12.5%).

There is some relief for domestic steelmakers as Indian government is in the process of making BIS (Bureau of Indian Standard) registration mandatory for 16 new categories of steel. As of now, many Chinese mills don’t hold BIS registrations, which have impacted import to a certain level.

Plate import to India noticed a significant growth in FY15. Total import stood at 732,000 MT in FY15 against 410,000 MT in FY14. POSCO Indonesia remains active in Indian market. Last offers for MS plate were at USD 405/MT, CIF India. Indian government recently waived off import duty on steel products from ASEAN countries under Preferential Trade Agreement (PTA).

India’s Flat Steel Import (in “000 MT)

All are Non-alloy prime & defective steel
Source: JPC

Trade-wise

1. MS plate (commercial quality) offers from Indonesia are assessed at USD 405/MT, CIF India
2. Chinese offers are assessed at USD 390-395/MT for commercial quality and around USD 430-435/MT for high tensile on CIF India basis
3. Domestic offers at INR 32,000/MT (Ex-Delhi, excluding Excise) and INR 31,500/MT (Ex-Mumbai, excluding Excise)