Mainstream ex-China steel plate offer prices from mills have been heard at $695-720/mt FOB for May shipment as of today, Monday, March 8, moving up by $12.5/mt on average compared to March 1. The reference deal prices have been heard at $690-710/mt FOB, for South America in particular. The rises in the local market due to the production curbs in Tangshan have caused the market to remain bullish. Buyers in the international market have been more willing to accept high offer prices.
Iron ore prices have edged up in China and local steel plate demand has recovered, exerting a positive impact on plate prices. Meanwhile, the production curbs in Tangshan pushed up HRC futures prices, also bolstering sentiments.
During the given week, inventory of steel plate in the local market has been relatively low, positively affecting prices.
Average Q235 20 mm steel plate spot prices in China have gained RMB 100/mt ($15.4/mt) week on week to RMB 5,003/mt ($772/mt) ex-warehouse, according to SteelOrbis’ information.
As of March 8, HRC futures at the Shanghai Futures Exchange are standing at RMB 4,964/mt ($766/mt), increasing by RMB 123/mt ($19/mt) or 2.54 percent since March 1.
$1 = RMB 6.4795
