India: Domestic Plate Offers Remain Stable Amid Subdued Demand

Indian plate prices remained largely stable amid bearish sentiments prevailing in domestic market.

Currently plate price (5-10mm, IS2062) is hovering around INR 40,750-41,300 (ex- Mumbai) and 40,500 (ex-Delhi). Prices mentioned above are basic and extra GST @18% is applicable.

Meanwhile for past few weeks demand for plates has remained thin due to slowdown in buying activities since current hike by major steel mills is difficult to sustain in domestic market.

Chinese plate export offers decline further over weak buying- This week Chinese plate export offers fell further owing to pessimistic market sentiments amid falling steel prices in domestic market. This led to further drop in plate export offers from China. Meanwhile
disparity between bids and offers resulted to thin trades and tedious buying in overseas market.

Currently Chinese commercial grade plates fell by USD 10-15/MT and were assessed at USD 510-515/MT FOB China which was USD 520-530/MT FOB China in previous week.

Meanwhile in order to export material abroad few traders are trying to export to overseas buyers involved in large projects.