Mainstream ex-China steel plate offer prices from mills have been heard at $850-860/mt FOB for June shipment as of today, Monday, May 9, moving sideways compared to April 25 after the drop by $20-30/mt recorded in the previous round of transactions. Reference deal prices have still been heard at $840-850/mt FOB.
During the past week, local steel plate prices have moved down amid the slack demand from downstream users. Currently, steelmakers’ production has been kept at normal levels, while transportation has been negatively affected due to the Covid-19 pandemic restriction measures. Steelmakers’ profitability has been at relatively low levels, though steel prices may gain some support from firm raw material prices. It is expected that steel plate prices in the Chinese domestic market will fluctuate within a limited range in the coming week, with possibilities of decreases if the downtrend in the HRC segment continues.
Average Q235 20 mm steel plate spot prices in China have moved down by RMB 23/mt ($3.4/mt) compared to April 25, standing at RMB 5,200/mt ($776/mt) ex-warehouse, according to SteelOrbis’ information.
As of May 9, HRC futures at the Shanghai Futures Exchange are standing at RMB 4,748/mt ($709/mt), decreasing by RMB 141/mt ($21/mt) or 2.88 percent since April 25.
$1 = RMB 6.6899
