Indian HR plate prices reported an increase in major markets on improved buying. Last week, major plate manufacturers had announced an increase of INR 2,000-2,500/t in their list prices for Sep '20 citing tight supply and decent demand.
The current week assessed HR-plate (IS 2062, 5-10mm) price stands at INR 40,000-40,500/t (ex-Mumbai), and 41,500-42,000/t (ex-Delhi). The mentioned prices do not include GST @ 18%.
"Orders with mills are at a very good level. Thus, order coverage is for 50 days which may push for a further hike in plate prices," shared by major plate producer.
Also, steel mills are planning for a further hike in plate prices by around INR 1,000-1,500/t in Sep.
Meanwhile, plate demand from the construction and power sector is picking up on the resumption of a small projects. However, orders for large projects are yet to resume.
China's heavy plate export marginally up, demand softens- The Chinese heavy plate export offers rose by $5/t to $510-515/t FoB China in comparison with a $505-515/t FoB basis a week ago.
The export market was relatively quiet this week with major importers staying away either because of higher inventory built up in the past few weeks or are sourcing cheaper materials from other exporting countries. However, the Chinese mills were in no rush to book exports amid a decent domestic demand and better margins.