Mainstream ex-China steel plate offer prices have been heard at $470-495/mt FOB for late May shipment as of today, Monday, March 16, edging up by $5/mt on average week on week, though with a wider offer range than the $475-480/mt FOB levels seen last week. However, following deals concluded in previous weeks, rare contracts have still been heard below $470/mt FOB - at $465/mt FOB to Southeast Asia and South Africa.
During the given week, demand from downstream industries in the local Chinese market, including engineering machinery, bridge construction and the building industry has improved, resulting in reduced steel plate supplies available for export and pushing up prices. Meanwhile, inventories in the steel plate market have decreased, which will exert a positive impact on prices. However, the outlook for demand from overseas clients is not optimistic due to the rapid spread of the coronavirus in more and more countries.
Average Q235 20 mm steel plate spot prices in China have edged up by RMB 46/mt ($6.6/mt) week on week to RMB 3,696/mt ($527.9/mt) ex-warehouse, according to SteelOrbis’ information.
As of March 16, HRC futures at the Shanghai Future Exchange are standing at RMB 3,506/mt ($500.7/mt), increasing by RMB 40/mt ($5.7/mt) or 1.15 percent since March 9.
$1 = RMB 7.0018
