India- Inactive Trades Reduce Domestic Plate Prices Further

This week SteelMint learned from market sources that Indian HR-Plate prices have witnessed further correction by INR 750-1000/MT in the domestic market.

Currently trade reference prices for HR plate (5-10mm, IS2062) hovering around INR 35,500/MT (ex- Mumbai) and at INR 35,500-36,000/MT (Ex-Delhi) against previous week. Prices mentioned above are basic and extra GST @18% is applicable.

Market sources shared that domestic plate prices have fallen further over a seasonal slowdown in demand and limited trades happening in the domestic market.

Also, liquidity crunch continue to remain a critical issue and disruptions due to rainy season resulted in a significant drop in plate prices in the domestic market.

Traders shared that, "Indian mills will resume their focus in the domestic market once the demand start to pick up in festive season approaching in the month of Oct."

Chinese plate export offers stable over limited trades- This week Chinese plate export offers remained majorly stable on the back of slowdown in buying activities and thin trades prevailing in the export market.

Nation’s export offers kept unchanged amid increased gap between bids and offers. Overseas buyers continue bidding on the lower side and making difficult for steelmakers to accept at those prices.

Currently, Chinese origin heavy plate prices stand at USD 470-475/MT FoB China unchanged over the previous week. However, demand in the nation’s domestic market witnesses a seasonal rebound in the month of September.