Mainstream ex-China steel plate offer prices from mills have mostly been heard at $535-545/mt FOB for January shipment as of today, Monday, November 16, moving up by $10/mt on average week on week due to the rises seen in raw material prices, good demand in the local market and the appreciation of the Chinese currency.
Deal prices have been heard at $535/mt FOB to Southeast Asia, up 10/mt on average from the previous week.
During the given week, major Chinese steelmaker Baosteel raised its ex-works prices for steel plate by RMB 50/mt for December shipment, bolstering sentiment in the market. Meanwhile, bullish sentiment has prevailed among traders amid relatively low inventory of steel plate in the spot market. It is thought that steel plate prices in the Chinese domestic market will move sideways or increase further in the coming week.
Average Q235 20 mm steel plate spot prices in China have edged up by RMB 6/mt ($0.9/mt) week on week to RMB 4,006/mt ($606.5/mt) ex-warehouse, according to SteelOrbis’ information.
As of November 16, HRC futures at the Shanghai Futures Exchange are standing at RMB 3,998/mt ($605.3/mt), increasing by RMB 15/mt ($2.3/mt) or 0.38 percent since November 9.
$1 = RMB 6.6048
