India: Dull Buying Results in Softening of Domestic Plate Prices

Indian HR-plate domestic prices have softened by around INR 200-500/MT W-o-W in the key markets amid inactive trades and limited buying inquiries in the domestic market.

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

Trade sources shared that, "Domestic plate prices have inched down as buyers are reluctant to make new bookings on the back of restocking for last few weeks."

Meanwhile, market participants await the Budget announcement on the 1st of Feb in which announcement on various govt and infrastructure projects can improve steel demand and boost the steel sector.

However, market participants remain skeptical regarding a further increase in plate prices over tepid demand in the domestic market. Meanwhile, Indian steel mills are planning to increase prices in the Feb month for which an official announcement is still awaited.

China's heavy plate export offers remain unaltered on a weekly premise- The Chinese heavy plate export offers remain unchanged this week owing to extended New Year holidays in China on the wake of coronavirus.

Currently, the nation's plate export offers continue to hover at USD 490-500/MT.

Weakening sentiments in the Chinese steel market will continue to remain for one week as steelmakers have postponed the resumption of their operations.