Mainstream ex-China steel plate prices have been heard at $475-480/mt FOB for late April shipment as of today, Monday, March 9, moving sideways on average week on week. However, bid prices have been heard closer to $460/mt FOB and some deals have been done at lower than $470/mt FOB to Southeast Asia and South Africa. Low-priced South Korea plate offered to the market has impacted sentiments in Asia and has forced Chinese suppliers to give discounts. South Korean exporters have become more active in the export market amid the serious situation regarding the spread of the coronavirus.
During the given week, the appreciation of the Chinese currency has supported export prices of Chinese steel plate, though demand from overseas clients has been slack due to the spread of the coronavirus in more and more countries. Currently, demand from downstream users in the local Chinese market has recovered to some extent and so steel plate producers have been unwilling to cut their export offer prices much even though their inventories are at high levels.
Average Q235 20 mm steel plate spot prices in China have edged up by RMB 17/mt ($2.5/mt) week on week to RMB 3,650/mt ($527/mt) ex-warehouse, according to SteelOrbis’ information.
As of March 9, HRC futures at the Shanghai Future Exchange are standing at RMB 3,466/mt ($500.4/mt), decreasing by RMB 3/mt ($0.4/mt) or 0.09 percent since March 2.
$1 = RMB 6.926
