India: Domestic Plate Prices Soften Further Over Thin Trades

This week Indian plate prices witnessed further correction by INR 500/MT on the back of subdued trades as the sentiments in domestic market continued to remain gloomy.

Currently HR plate prices (5-10mm), IS2062) in traders market are hovering around INR 39,000/MT (ex- Mumbai) and INR 38,500-39,500/MT (Ex-Delhi). Prices mentioned above are basic and extra GST @18% is applicable.

Meanwhile as per SteelMint price assessment for HR plates (5-10 mm) registered continual decline and hit 19 months low in Jul'19.

Prior this similar levels was seen in the month of Dec'17 at INR 39,000/MT (Ex-Mumbai). Prices mentioned are basic and extra GST @18% is applicable.

Indian HR plate export tender fetched dull response- Indian mill had floated tender for export of 10,000 MT Hot rolled plates 10-63 mm, HT Grade -12 mm-50 with CE Marking for which due date was 09 Jul'19. As per sources, the tender did not elicit participation.

Chinese plate export offers continue uptrend- This week nation's HR plate export offers witnessed further increase by USD 5-8/MT owing to gains in domestic market. However later domestic steel prices started to fall over volatile futures.

Currently China origin commercial grade plate prices stands at USD 520-525/MT FoB China which was USD 512-520/MT FoB China in previous week.

Meanwhile major steel mills in China is offering HR plates on higher side at around USD 540/MT FoB basis.

However overseas buyers hesitant to make fresh bookings amid anticipation of drop in plate export offers. Whereas on the other side Chinese mills refused to lower plate prices as market gained momentum in the beginning of the week amid restocking demand.