Although some recovery has been seen in HRC futures prices in China today, Monday, April 1, mainstream ex-China steel plate offer prices from mills have been heard at $530-550/mt FOB for May shipment on the same day, moving down by $20/mt on average as compared to March 25. The reference deal prices have been heard at $525-530/mt FOB to South America, Africa and the Middle East, moving down $17.5/mt on average compared to March 25.
During the given week, steel plate prices in the Chinese domestic market have declined amid the prevailing bearish sentiments. Downstream users were unwilling to conclude purchases of steel plate due to tight liquidity at the end of March. At the same time, raw material prices have moved down, weakening the support for steel plate prices. Currently, the market is dominated by the consumption of existing stocks. It is thought that steel plate prices in the Chinese domestic market will likely fluctuate within a limited range in the coming week.
Average Q235 20 mm steel plate spot prices in China have decreased by RMB 107/mt ($15/mt) compared to March 25, standing at RMB 3,840/mt ($541/mt) ex-warehouse, according to SteelOrbis’ information.
As of April 1, HRC futures at Shanghai Futures Exchange are standing at RMB 3,708/mt ($522/mt), decreasing by RMB 98/mt ($13.8/mt) or 2.6 percent since March 25, while up 1.51 percent compared to the previous trading day, March 29.
$1 = RMB 7.0938
