India: Limited Trades Pull Down HR Plate Prices in Domestic Market

The unprecedented COVID-19 pandemic has resulted in a migrant crisis as daily wage workers had migrated to their home towns. Thus the severe shortage of labour and sparse trades, along with liquidity issues pulled down plate prices in the domestic market.

Currently, SteelMint assessment of domestic HR-plate prices stand at INR 36,500-37,000/MT (ex-Mumbai), and INR 37,000-37,500/MT (ex-Delhi).

Sources based in Delhi shared, "Sales are happening around 20-30% these days since market activities have improved after 17th May on easing lockdown norms. However limited orders in the wholesale and retail market continue to keep market sentiments pessimistic."

However, few traders are hopeful of a gradual recovery in demand in the coming weeks.

China Heavy-plate export offers rise on strong domestic prices-

The nation's heavy plate export offers have increased by around USD 5-10/MT this week on the back of increased prices in the domestic market.

Thus the current week offer stands at USD 455-465/MT FoB China basis, which was USD 450-460/MT FoB basis a week ago. However, mills are refusing to export due to good orders in the domestic market.