Export prices for Chinese steel plate have seen slight decreases over the past week due to the declining HRC futures prices.
Specifically, mainstream ex-China steel plate offer prices from mills have been heard at $475-490/mt FOB for November shipment as of today, Monday, October 20, decreasing by $5/mt on average week on week. Besides, the reference deal prices have been heard at $470-485/mt FOB to South America, Africa and the Middle East, declining by $5/mt on average compared to October 13.
During the given week, steel plate prices in the Chinese domestic market have seen decreases amid the declining HRC futures prices. After the long holiday, there was a concentrated influx of steel plate resources, while the demand remained slack, leading to slow inventory consumption. In order to ease the pressure against the relatively high inventories, traders chose to sell at lower prices, negatively affecting market sentiments. However, most market players still held a wait-and-see stance as regards the future prospects for the steel plate market. It is expected that steel plate prices in the Chinese domestic market will likely soften in the coming week.
Average 20 mm Q235 20 steel plate spot prices in China have lost RMB 37/mt ($5.2/mt) compared to October 13, standing at RMB 3,423/mt ($482/mt) ex-warehouse, according to SteelOrbis’ information.
As of October 20, HRC futures at Shanghai Futures Exchange are standing at RMB 3,215/mt ($453/mt), decreasing by RMB 46/mt ($6.5/mt) or 1.4 percent since October 13, while down 0.12 percent compared to the previous trading day, October 17.
$1 = RMB 7.0973
