Export prices for Chinese steel plate have edged down over the past week, following a decline in HRC futures prices. Market sentiment was further dampened after US President Trump announced plans to impose high export taxes on Chinese goods.
Specifically, mainstream ex-China steel plate offer prices from mills have been heard at $480-495/mt FOB for November shipment as of today, Monday, October 13, decreasing by $5/mt on average week on week. Besides, the reference deal prices have been heard at $475-490/mt FOB to South America, Africa and the Middle East, declining by $5/mt on average compared to September 29.
During the given week, steel plate prices in the Chinese domestic market have indicated decreases amid the prevailing bearish sentiments due to the latest heightening of trade tensions between the US and China. Inventories of steel plate have increased, weakening the support for prices. Meanwhile, demand for steel plate from downstream users has been slack, negatively affecting prices. It is thought that steel plate prices in the Chinese domestic market will come under downward pressure in the coming week.
Average 20 mm Q235 20 steel plate spot prices in China have lost RMB 23/mt ($3.2/mt) compared to September 29, standing at RMB 3,460/mt ($487/mt) ex-warehouse, according to SteelOrbis’ information.
As of October 13, HRC futures at Shanghai Futures Exchange are standing at RMB 3,261/mt ($459/mt), decreasing by RMB 28/mt ($3.9/mt) or 0.85 percent since September 29, while down 0.88 percent compared to the previous trading day, October 10.
$1 = RMB 7.1007
