Export prices for Chinese steel plate have moved sideways over the past week due to the rising 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, October 27, 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 October 20.
The US and China have reached a fundamental consensus in their trade and economic consultations. Both sides will need to finalize the specific details and proceed with their respective domestic approval processes, which exerted a positive impact on market sentiments. China’s financial markets have witnessed increasing trends, positively affecting steel market.
Recently, there were limited steel plate resources arriving at the spot market, bolstering its prices to a certain degree. Inventories have been gradually consumed, resulting in decreasing inventories and providing certain support to steel plate prices. However, the demand for steel plate is unlikely to see significant improvements in the near future. It is thought that steel plate prices in the Chinese domestic market will likely fluctuate within a limited range in the coming week.
Average 20 mm Q235 20 steel plate spot prices in China have gained RMB 7/mt ($1/mt) compared to October 20, standing at RMB 3,430/mt ($483/mt) ex-warehouse, according to SteelOrbis’ information.
As of October 27, HRC futures at Shanghai Futures Exchange are standing at RMB 3,299/mt ($453/mt), increasing by RMB 84/mt ($12/mt) or 2.6 percent since October 20, while up 1.45 percent compared to the previous trading day, October 24.
$1 = RMB 7.0881
