Mainstream ex-China steel plate offer prices from mills have been heard at $475-485/mt FOB for June shipment as of today, Monday, May 19, remaining stable on average as compared to May 12. The reference deal prices have been heard at $475-480/mt FOB to South America, Africa and the Middle East, also moving sideways on average compared to May 12.
During the given week, steel plate prices in the Chinese domestic market fluctuated within a limited range amid the slightly decreasing HRC futures prices. Market sentiments improved given that the reserve requirement ratio (RRR) cut for Chinese banks by 0.5 percentage points became effective as of May 15. However, speculative demand may not continue to increase, while there is limited improvement in demand from downstream users. It is expected that steel plate prices in the Chinese domestic market will continue the fluctuating trend within a limited range in the coming week.
Average Q235 20 mm steel plate spot prices in China have lost RMB 3/mt ($0.4/mt) compared to May 12, standing at RMB 3,557/mt ($494/mt) ex-warehouse, according to SteelOrbis’ information.
As of May 19, HRC futures at Shanghai Futures Exchange are standing at RMB 3,207/mt ($447/mt), decreasing by RMB 13/mt ($1.8/mt) or 0.4 percent since May 12, while down 1.02 percent compared to the previous trading day, May 16.
$1 = RMB 7.1916