India: Optimistic Sentiments Keep Domestic HR Plate Prices Firm

This week, domestic HR Plate prices remain firm over improved trades, restocking activities, and optimistic sentiments hovering in the domestic market.

Currently prices for domestic HR-plates (IS 2062,5-10mm) stood at INR 34,500-35,000/MT (ex-Mumbai), and INR 34,000-34,500/MT (ex-Delhi). Prices mentioned are basic, and extra GST @ 18% is applicable.

A Mumbai based trade source shared, "Trade volumes of HR-plates have reported an increase post the festive holidays. Thus, improved buying activities shall support plate prices in the near term."

Thus, Indian steel mills may increase plate prices in Dec'19 on improved demand. However, a further hike will be absorbed in the domestic market or not continues to remain uncertain.

Chinese plate export offers up over strengthening domestic market- Nation's heavy-plate export offers moved up USD 15-20/MT W-o-W, as the domestic market gains momentum over decent bookings, and increased demand amid limited supply.

Buyers in China are restocking the material actively ahead of New year holidays. This, in turn, leads to an upsurge in domestic and export prices.

This week the nation's HR Plate export offers stand around USD 460-465/MT FoB China, which was USD 435-450/MT a week ago.