India: Domestic HR Plate Prices Correct Slightly on Limited Bookings

This week domestic plate prices witnessed correction against last week. Current market reference prices for HR-Plates stand around INR 34,000-34,500/MT (ex-Mumbai) and INR 33,000-34,000/MT (ex-Delhi). Prices mentioned above are basic, and extra GST @18% is applicable.

Further traders are anticipating an uptick in flat steel demand amid the influx of investments announced by the government in the budget and the resumption of construction activities with the offset of monsoon season and festival holiday.

Moreover, market participants are hoping to get support from steel producers while awaiting clarity on their resolutions on the announcement of discounts or rebates to uplift buying interest.

China plate export offers inch down on limited overseas trades- This week, Chinese plate export offers inched down by USD 2/MT amid overseas importers enticed by lucrative export offers in South East Asian markets from India, Japan, and South Korea.

Thus, currently, the Chinese plate export offer stands around USD 440-450/MT narrowing down from USD 443-450/MT in the preceding week.

However, Chinese mills have shifted their focus towards the domestic market in purview of limited overseas trades amid increased competition in the overseas market.