Mainstream ex-China steel plate offer prices from mills have mostly been heard at $610-620/mt FOB for March shipment as of today, Monday, December 21, moving up by $35/mt on average week on week amid continuously surging iron ore prices and sharply increasing local steel plate prices.
Due to the approaching Christmas holiday, overseas buyers have gradually left the market, while surging iron ore prices and quite good demand in the local market have bolstered ex-China steel plate prices.
Deal prices have been heard at $605-615/mt FOB to Southeast Asia and South America, moving up by $27.5/mt on average from the previous week.
During the given week, steel plate prices in the Chinese domestic market have moved up significantly amid rising ferrous metal futures prices and supply shortages. For instance, HRC futures prices at Shanghai Futures Exchange (SHFE) rose by 4.98 percent, signaling prevailing bullish sentiments among market players. Downstream users in the market have mostly held a wait-and-see stance following the quick rises in steel plate prices, while relatively low inventory levels have exerted a positive impact on the steel plate market.
As of December 21, HRC futures at the Shanghai Futures Exchange are standing at RMB 4,742/mt ($724/mt), increasing by RMB 425/mt ($65/mt) or 9.84 percent since December 14.
$1 = RMB 6.5507
