Indian HR Plate Prices Remain Under Pressure over Limited Trades

This week Indian HR plate prices continued to show downtrend over pessimistic sentiments amid dwindling demand hovering in domestic market. Buyers resist their purchasing activities over continuous fall in domestic steel prices.

Current trade reference prices for HR plate (5-10mm, IS2062) are hovering around INR 34,500-35,000/MT (ex- Mumbai), and at INR 34,000-35,000/MT (Ex-Delhi). Prices mentioned above are basic and extra GST @18% is applicable.

"Domestic plate prices may show further downside in prices in purview of less working days this month amid arrival of festive season scheduled in end October” shared by trade segment based in Mumbai & Delhi.

Thus Indian steel mills are actively engaged in exports orders to Vietnam and on the other hand domestic traders are facing paucity among buyers. Also cash crunch and monsoon season hinders buying activity in domestic market.

Chinese HR plate export offers remain stable amid Golden Week holidays- The steel market in the People’s Republic of China remains mute from 1-7 Oct’19 celebrating the nation’s 70th Anniversary.

However, Chinese origin heavy plate prices have stood at USD 465-470/MT FoB China in the previous week.