Chinese Plate Export Offers Decline; Trades Pick Up
This week Chinese plate export offers witnessed decline over thin trading along with bearish sentiments hovering in domestic market.
Currently commercial grade plate prices are assessed at USD 520-530/MT FoB China which was USD 530-535/MT on FoB basis last week.
Thus Chinese mills have curtailed plate prices in order to escalate buying in global market. Meanwhile traders have slowly started to procure material at cheaper prices.
Meanwhile domestic steel prices also witness further drop. However domestic plate prices are unlikely to drop further due to higher production cost.
Indian plate prices remain steady over slack demand- Indian plate prices continued to remain steady as buyers are unwilling to make any bookings ahead of price announcement for June deliveries.
Also since past few weeks domestic plate prices continued to remain dull as end users have put off their purchases amid political elections scenario.
Currently plate prices (5-10 mm IS2062) is heard around INR 41,000/MT (ex-Mumbai) and INR 40,700-40,800/MT (Ex-Delhi).Price mentioned above are basic and extra @ 18% GST is applicable.
However few market sources shared that cost of production will lead to surge in flat steel prices. But increased prices shall be absorbed in domestic market or not still remains uncertain.
source: SteelMint
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