Ex-China steel plate export prices have moved sideways over the past week, despite better sentiments in the local market and higher HRC futures prices, since demand has remained weak globally.
Specifically, mainstream ex-China steel plate offer prices from mills have been heard at $490-505/mt FOB for April shipment as of yesterday, Monday, March 9, moving sideways compared to last week. Besides, the reference deal prices have been heard at $485-500/mt FOB to South America, Africa and the Middle East.
During the given period, steel plate prices in the Chinese domestic market have moved up amid production restrictions in northern China for the Two Sessions in Beijing. Meanwhile, inventories of steel plate have been consumed, indicating slight declines, exerting a positive impact on prices. Downstream manufacturing industries have resumed production, bolstering steel plate prices to a certain degree. On March 9, major Chinese steelmaker Baosteel hiked its local base prices by RMB 200/mt ($29/mt) for steel plate for delivery in April, which will provide support for prices in the spot market. However, uncertainties arising from the war in the Middle East may negatively affect the steel plate market. It is expected that steel plate prices may edge up slightly in the coming week.
Average 20 mm Q235 20 steel plate spot prices in China have gained RMB 27/mt ($3.9/mt) compared to March 2, standing at RMB 3,357/mt ($486.5/mt) ex-warehouse, according to SteelOrbis’ information.
As of March 10, HRC futures at Shanghai Futures Exchange are standing at RMB 3,256/mt ($472/mt), increasing by RMB 182/mt ($26/mt) or 1.6 percent since March 2, while down 0.18 percent compared to the previous trading day, March 9.
$1 = RMB 6.9158
