Chinese Plate Export Offers Decline Amid Falling Domestic Prices

Chinese plate export offers started to decline owing to bearish sentiments prevailing in China's domestic market. Dull buying,falling domestic prices and decline in export volumes has lead to weakening of market sentiments in China.

This week Chinese plate export offers reported a marginal fall of USD 5/MT W-o-W basis and are heard at USD 560-570/MT,FoB China.Last week the offers are assessed at USD 565-575/MT FoB basis.

Meanwhile plate prices for commercial grade 14-20 mm in China's domestic prices are heard in the range of RMB 4,150-4,200/MT,including VAT down by RMB 30-50/MT as compare to last week.

Major plate exporters in China are offering around USD 560-570/MT,FoB basis.However few major mills have kept the offers on higher side which stood at USD 585/MT on FoB basis.

Indian Steelmakers Raise Plate Prices in Domestic market
Major mills in India have raised the plate prices upto INR 1500-2000/MT in domestic market in first week of January.Higher production cost and active buying lead to surge in plate prices in domestic market.

Currently trade reference prices for plates (grade IS2062) 5-10 mm are hovering in the range of INR 42,000/MT (ex-Mumbai) and INR 42,500/MT (ex-Delhi).

However traders and manufacturers remain perplexed regarding acceptance of higher plate prices in domestic market as trade sources in west India reported of dull trade volumes.