Mainstream ex-China steel plate offer prices from mills have been heard at $850-870/mt FOB for June shipment as of today, Monday, April 19, moving up by $90-100/mt on average compared to April 12. This hike has been attributed to the fact that most steelmakers, instead of clients, will bear potential risks from the awaited tax rebate cut.
Overseas clients have started to conclude purchases after maintaining a wait-and-see stance for around one month. The tradable price level has been heard at $850/mt FOB. Due to the production restrictions in Tangshan, the cost of slabs has increased, and so market players are optimistic as regards the future prospects for the market, also taking into account the good demand in the local market.
During the given week, steel plate prices in the Chinese domestic market have declined slightly amid the prevailing cautious sentiments among market players. However, the relatively low inventory levels are expected to support steel plate prices.
Average Q235 20 mm steel plate spot prices in China have lost RMB 10/mt ($1.5/mt) week on week, to RMB 5,520/mt ($846/mt) ex-warehouse, according to SteelOrbis’ information.
As of April 19, HRC futures at the Shanghai Futures Exchange are standing at RMB 5,370/mt ($823/mt), increasing by RMB 105/mt ($16.1/mt) or 1.99 percent since April 12.
$1 = RMB 6.5233
