India: Inactive Buying Keeps Plate Prices Firm
This week, low buying interest ahead of the festive holidays continue to keep Indian HR-plates prices largely supported.
Thus, current trade reference prices for HR plate (5-10mm, IS2062) continue to hover around INR 34,250-34,500/MT (ex- Mumbai) and at INR 34,000-35,000/MT (Ex-Delhi). Prices mentioned above are basic, and extra GST @18% is applicable.
Trade sources shared that, "End-users have kept their buying prospects low amid continual downfall in flat steel market prices."
However, post festive season market participants are anticipating a slight uptick in prices over improved buying.
China plate export offers decline over fierce competition: Competitive offers in the South East Asian market from India, Japan, and South Korea continued to keep Chinese heavy plate export offers under pressure.
Thus Chinese export offer came down further by USD 10-12/MT this week over thin trades in the overseas market.
Thus, Chinese origin heavy plate prices stand around USD 443-450/MT FoB basis as against USD 455-460/MT FoB basis in the previous week.
source: SteelMint
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