Mainstream ex-China steel plate offer prices from mills have mostly been heard at $690-700/mt FOB for April shipment as of today, Monday, February 22, moving up by $50/mt on average compared to February 8 before the Chinese New Year holiday amid the big price rises in the local market and the increasing trend in semi-finished steel prices.
Market players think that the rising semi-finished steel prices have exerted a positive impact on ex-China steel plate prices, in addition to the good consumption outlook. Bullish sentiment prevails among market players as they look forward to a rising trend in commodity prices.
During the given week, domestic steel plate prices have indicated big rises. However, demand from downstream users has not seen any significant improvement, resulting in low-to-medium transaction activities. Inventory of steel plate has indicated rises as more supplies have arrived in the market. It is thought that steel plate prices in the Chinese domestic market may edge up further in the coming week.
Average Q235 20 mm steel plate spot prices in China have gained RMB 354/mt ($55/mt) week on week to RMB 4,880/mt ($756/mt) ex-warehouse, according to SteelOrbis’ information.
As of February 22, HRC futures at the Shanghai Futures Exchange are standing at RMB 4,822/mt ($747/mt), increasing by RMB 276/mt ($43/mt) or 6.1 percent since February 8.
$1 = RMB 6.4563
