Mainstream ex-Chinasteelplateoffer prices from mills have been heard at $1,015-1,040/mt FOB for July shipment as of today, Monday, May 24, moving down by $10/mt on average compared to May 17.China’s central government has taken measures to curb the rapid rise of commodity prices, resulting in sharp declines in ferrous metal futures, which has exerted a negative impact on ex-Chinasteelplateprices. The sharp declines have also negatively affected market players’ sentiments and will drag down steelplateprices further, according to the market sources.
During the given week, domestic steelplateprices have declined sharply amid the significant decreases in ferrous metal futures prices and the prevailing bearish sentiments among market players. Downstream users have mostly been holding a wait-and-see stance as regards the future prospects for the future market, resulting in slight rises in inventory levels. It is thought that steelplateprices may indicate a downward trend in the coming week.
Average Q235 20 mm steelplatespot prices inChinahave lost RMB 750/mt ($116.5/mt) week on week to RMB 5,580/mt ($866.5/mt) ex-warehouse, according to SteelOrbis’ information.
As of May 24,HRCfutures at the Shanghai Futures Exchange are standing at RMB 5,316/mt ($825.5/mt), decreasing by RMB 633/mt ($98/mt) or 10.6 percent since May 17.
$1 = RMB 6.4408