India-Domestic Plate Prices Slumped INR 500-1000/MT in Traders Market

Indian plate prices slumped this week by INR 500-1000/MT in traders market over dull and weak demand prevailing in the domestic market.

Current prices of commercial grade plate are hovering in the range of INR 35,000/MT(ex-mill). Prices are exclusive of Excise duty of 12.5%.

In major markets prices of plates are seen at INR 38,500-39,000/MT (ex-Delhi) and INR 38,500-39,000/MT (ex-Mumbai). Prices are inclusive of Excise duty of 12.5%,VAT/CST extra.

However sluggish demand, lower sales volumes and thin buying activity has resulted to declining plate prices in the domestic market.

China's Export Plate Prices Uptick on Optimistic Domestic Market
Chinese plate export prices reported a surge this week by USD 5/MT, owing to positive sentiments prevailing in the domestic market. However Chinese plate export offers have started to rebound amid volatility and fluctuation in the Chinese domestic market.

Current plate export offers are assessed in the range of USD 420-430/MT, FoB China.
Last week the plate export prices stood at USD 420-425/MT,FoB basis.

Meanwhile prices of plates in domestic market are heard to be in the range of RMB 3,260-3,280/MT which is equivalent to USD 473-476/MT, including VAT & other taxes.

Some major players are also offering at USD 435-440/MT on FoB basis. Deals have been heard with South East Asia in the range of USD 425/MT, FoB basis. However if thin trading continues to prevail,Chinese manufacturers may cut the plate export offers.