India: Domestic HR Plate Prices Remain Moderate on Thin Trades

This week HR plate prices were reported largely stable on weak demand prevailing in the domestic market. Market participants in trade segment shared that recent increase in prices by steel manufacturers didn’t passed on to retail market over limited inquiries. Buyers are postponing their purchases amid higher plate prices.

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 festive holidays next week and the end of the fiscal year this month may lead to slow off take in buying activities and shall pull down prices in the near term “shared by plate traders in Mumbai and Delhi.

--Other market participants are expecting that mills may provide discounts or rebates to push buying later this month. However mills have announced hike in HRC and CRC prices by INR 500-750/MT for Mar'20.

Chinese heavy plate offer remains stable on slow buying
-- The Chinese heavy plate exports offers remained stable on a weekly premise as the gap between offers and bids remained wide. Also, higher export offers resist buyers to make fresh bookings.

-- The current export offers continued to hover at USD 462-470/MT FoB China. Major plate producer is offering at around USD 475/MT FoB China.