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India: Domestic HR Plate Prices Remain Stable

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BigMint Bureau

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23 Jan 2020, 18:19 IST

India: Domestic HR Plate Prices Remain Stable

This week India's domestic HR-plate prices remained largely stable owing to decent trade inquires and optimistic sentiments prevailing in the domestic market. However, few market sources shared that buyers remained cautious regarding a further increase in prices in Feb month.

Thus, in the current week, plate prices stood at INR 38,500-39,250/MT (ex-Mumbai), and INR 39,000-39,500/MT (ex-Delhi). Prices mentioned above are basic, and extra GST @ 18% will be applicable.

Plate traders based in Mumbai region shared that, "Plate prices remain supported this week as trades are happening at current price levels since buyers in urgent need of material are forced to purchase at higher prices".

Meanwhile, with the easing supplies in the domestic market, market participants remained skeptical regarding a further increase in prices as it seems difficult to absorb in the domestic market.

However Indian mills remain quite optimistic about the price increase in the month of Feb'19 amid sustained demand in the domestic market.

Indian HR plate imports resume for Feb- Mar shipments- Market sources shared with SteelMint that couple of days back India booked HR plate from South Korea based Hyundai Steel of around 8,000-10,000 MT of plates ( E350 grade) at USD 560-565/MT CFR India basis for Feb March shipments.

In another booking reported, Indian importers booked HR Plate of around 7,000-8,000 MT from Indonesia at similar price levels for Feb end march shipments.

China's heavy plate export offers rise amid strengthening USD- Chinese heavy plate export offers moved up by USD 10-15/MT supported by the strengthening USD against RMB.

Thus, the current export offers assessed at USD 490-500/MT, which was USD 480-485/MT in the preceding week. The mills asking for around USD 495-500/MT FoB basis.

Meanwhile, the Chinese traders have started to suspend the market activities amid Lunar New Year holidays commencing tomorrow on 24th Jan'20.

Also, the market participants are concerned about the recent Coronavirus outbreak to affect the domestic demand owing to the delay in the resumption of downstream activities post the holidays.