Indian HR Plate Prices Remain Moderate on Minimal Trades

Domestic HR-plate prices remained largely stable this week amid disruptions caused due to increasing fears over coronavirus spread in the country.

-- The current trade reference price for HR-Plate (IS 2062, 5-10mm) stood 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.

-- "Preventive measures taken to curb the coronavirus affected the business operations and resulted in a liquidity crunch in the country" shared a plate trader in northern India.

-- Market sources reported very limited trades happening in the market in small volumes since buyers have stalled their purchase activities in expectation of further fall in prices.

-- Also increasing intensity of COVID-19 will lead to a surge in inventories and, in turn, affect the market sentiments and shall result in sharp fall in plate prices in upcoming days.

Chinese heavy plate offer inch down on weak demand-

-- Chinese heavy plate export offers witnessed marginal decline this week. Mills raised the prices at the beginning of the month on higher domestic prices, which resulted in weakening trades as overseas buyers couldn't accept higher prices.

-- Currently, the plate offers are assessed at USD 460-470/MT FoB China slightly down by USD 5 as compared with the previous week's offer of USD 465-470/MT FoB basis.

--Offer from major plate producers continue to remain at USD 475-480/MT FoB China.