Indian HR Plate Prices Slump Further Over Weak Purchases

Indian HR Plate prices in the domestic market have further slashed down by around INR 600-1000/MT this week.

Thus, current trade reference prices for HR plate (5-10mm, IS2062) are hovering around INR 34,500-35,000/MT (ex- Mumbai), and at INR 34,200-35,200/MT (Ex-Delhi). Prices mentioned above are basic and extra GST @18% is applicable.

Low buying interest among end-users, liquidity crunch, and significant fall in HRC prices led to HR plate prices remaining under pressure.

Chinese plate export offers fall over limited trades - This week Chinese HR plate export offers witnessed a fall of USD 3-5/MT owing to thin trades ahead of National Day holidays starting from 1st Oct '19.

Currently, Chinese origin heavy plate prices stand at USD 465-470/MT FoB China which was USD 468-475/MT FoB basis in the previous week.

Major steelmakers in China are offering HR plates around USD 475/MT CFR basis.

However, owing to low demand the Chinese steel exporters are unlikely to increase prices in the near term.

According to the data maintained with SteelMint, Chinese HR plate prices have recorded 27 months low as a similar price level was last witnessed in Jul'17.