India: Dull Buying Interest Keeps HR Plate Prices Subdued

Domestic HR-Plate prices depicted mixed movements with a decline of INR 500/MT in the Mumbai market, however, exhibited stability in Delhi.

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

"Approaching financial year-end and increasing inventories with traders has led to panic sales” shared by a reliable market participant in the northern region.

In contrast to this, major Indian steelmakers are planning to announce a further hike in steel prices for March deliveries considering robust demand from OEM & project segment. However official announcement is expected to be out by early next week.

Chinese heavy plate export offer increases on improvement in domestic prices-

The overseas market buzzed with the recent increase of USD 5-12/MT in Chinese heavy plate export offers.

Current Chinese heavy plate export offer assessed at USD 462-470/MT FoB China, which was USD 450-465/MT a week ago. Major companies are offering plate exports on the higher side.

The hike in export offers can be attributed to an increase in domestic prices since the downstream industries returning back to work as the novel coronavirus is under control.