Mainstream ex-China steel plate prices have been heard at $475-480/mt FOB for late April shipment as of today, Monday, February 17, moving down by $5/mt on average week on week, decreasing from levels of $480-485/mt FOB recorded last week. Deals have been heard at $470-475/mt FOB to Southeast Asia and South Africa, reflecting Chinese suppliers’ desire to export.
As of February 17, HRC futures at the Shanghai Future Exchange are standing at RMB 3,430/mt ($491.4/mt), increasing by RMB 119/mt ($17/mt) or 3.6 percent since February 10. Due to the increasing trend seen in HRC futures prices, some steelmakers in the Chinese domestic market thought steel plate prices had likely reached the bottom and so decided to stop giving offer prices, while buyers bid at a lower level, at $460/mt FOB.
Average Q235 20 mm steel plate spot prices in China have moved down by RMB 37/mt ($5.3/mt) week on week to RMB 3,686/mt ($528/mt) ex-warehouse, according to SteelOrbis’ information.
Due to the ongoing impact of the coronavirus, some players have not returned to the market yet, though others have arranged for their workers to take turns on duty. Though China has taken measures to stimulate the resumption of production, a lot of factors, for instance, the disruption of traffic and transportation and the shortage of workers, have negatively affected the steel market. It is thought that steel plate prices in China will likely fluctuate within a limited range in the coming week.
$1 = RMB 6.9795