Export prices for Chinese steel plate have continued to move sideways due to fluctuating HRC futures prices.
Specifically, mainstream ex-China steel plate offer prices from mills have been heard at $475-490/mt FOB for December shipment as of today, Monday, November 10, remaining stable week on week. Besides, the reference deal prices have been heard at $470-485/mt FOB to South America, Africa and the Middle East, moving sideways on average compared to November 3.
During the given week, HRC futures prices have declined, exerting a negative impact on steel plate prices in the spot market. Steel plate producers’ capacity utilization rates have remained stable, resulting in sufficient supply to the market and increasing inventories in the market. Cautious sentiments have prevailed among market players, while transaction activities have been at relatively low-priced levels. Demand for steel plate has weakened, which will negatively affect prices. It is thought that steel plate prices in the Chinese domestic market will likely edge down in the coming week.
Average 20 mm Q235 20 steel plate spot prices in China have lost RMB 30/mt ($4.2/mt) compared to November 3, standing at RMB 3,397/mt ($478/mt) ex-warehouse, according to SteelOrbis’ information.
As of November 10, HRC futures at Shanghai Futures Exchange are standing at RMB 3,252/mt ($458/mt), decreasing by RMB 43/mt ($6.1/mt) or 1.3 percent since November 3, while up 0.06 percent compared to the previous trading day, November 7.
$1 = RMB 7.0856
