Export prices for Chinese steel plate dipped in the past week amid a softening of demand from Southeast Asia due to a resurgence of Covid-19 cases.
Fastmarkets’ price assessment for August shipment of steel heavy plate export, fob China main port was $910-930 per tonne on Tuesday June 8, widening downward $10 per tonne from $920-930 per tonne a week earlier.
A source at northern China’s Minmetals Yingkou Medium Plate Co told Fastmarkets on Tuesday that a resurgence of Covid-19 cases in several countries in Southeast Asia had resulted in a suspension of construction activity there. As a result, this weakened their demand for plate.
While the mill sold some 3,000 tonnes of August-shipment plate to Southeast Asia late last week, no bids have emerged so far this week, the source said.
The mill is offering August-shipment cargoes to buyers in Southeast Asia at $930 per tonne fob this week.
Inner Mongolia’s Baotou Iron & Steel’s plate offer for this week is $910 per tonne fob, sources said on Tuesday.
Fastmarkets’ weekly price assessment for steel plate domestic, delivered whs Eastern China was 5,600-5,630 yuan ($875-880) per tonne last Friday, up by 100 yuan per tonne from 5,500-5,530 yuan per tonne a week earlier.
But domestic plate prices have fallen in recent days, a trader in Shanghai said. On Tuesday, the product was trading at around 5,460 yuan per tonne in eastern China and around 5,550 yuan per tonne in southern China, he said.
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