India: Dull Buying Interest Keeps HR Plate Prices Subdued

Domestic HR-Plate prices depicted mixed movements with a decline of INR 500/MT in the Mumbai market, however, exhibited stability in Delhi.

-- The current trade reference price for HR-Plate (IS 2062, 5-10mm) stands at INR 37,500-38,250/MT (ex-Mumbai), and INR 38,000-38,300/MT (ex-Delhi). Prices mentioned above are basic, and extra GST @ 18% will be applicable.

-- "Approaching financial year-end and increasing inventories with traders has led to panic sales" shared by a reliable market participant in the northern region.

In contrast to this, major Indian steelmakers are planning to announce a further hike in steel prices for March deliveries considering robust demand from OEM & project segment. However official announcement is expected to be out by early next week.

Chinese heavy plate export offer increases on improvement in domestic prices-

-- The overseas market buzzed with the recent increase of USD 5-12/MT in Chinese heavy plate export offers.

-- Current Chinese heavy plate export offer assessed at USD 462-470/MT FoB China, which was USD 450-465/MT a week ago. Major companies are offering plate exports on the higher side.

-- The hike in export offers can be attributed to an increase in domestic prices since the downstream industries returning back to work as the novel coronavirus is under control.