Indian HR Plate Prices Observe Uptick as Domestic Trades Improve

In conversation with trade participants this week, SteelMint learned that the recent hike announced by Indian steel mills last week by INR 500-750/MT led to an uptick in demand and sentiments in the domestic market.

However, effective increase has reflected partially in the traders market.

Meanwhile, trade sources shared that market sentiments will improve by the 15th of this month and hence prices may firm up in the near term.

Thus, currently HR plate prices (IS 2062,5-10mm) stood around INR 34,500-34,900/MT (ex-Mumbai), and INR 33,300-34,300/MT (ex-Delhi). Prices mentioned are basic and extra GST @ 18% is applicable.

China's heavy plate export offers remain stable this week- The Chinese heavy plate export offers stood at USD 440-450/MT FoB basis, unchanged on a weekly comparison.

However, few steel mills are offering HR plate export offers at around USD 450-460/MT FoB basis. Meanwhile, major mills are offering around USD 470/MT FoB basis as they are not in a hurry to export material to overseas buyers.

Also, Chinese mills have shifted their focus to the domestic market amid improved demand over tight supply. Also, strict production curbs are influencing Chinese steelmakers to keep plate prices firm and sell material in the domestic market.

Chinese steel mills booked HR plate with Vietnam- As per market sources based in Vietnam, Chinese mill booked 10,000 MT of HR plate last week with Vietnam at around USD 450-455/MT CFR basis for Nov end shipments.

Also, this week buyers in Vietnam are bidding slightly on the higher side which is around USD 440/MT FoB basis.