Export prices for Chinese steel plate increase on war-fueled active buying
Export prices for Chinese heavy plate increased in the week to Tuesday March 8 amid active trading, which was partly fueled by fears over tightening supply amid the ongoing Russia-Ukraine war
Fastmarkets’ weekly price assessment for April/May-shipment steel heavy plate, export, fob China main port was $870-895 per tonne on Tuesday, up by $30-35 per tonne from $840-860 per tonne a week earlier.
Yingkou Medium Plate issued an offer of $895-900 per tonne fob for May-shipment plate in the week to Tuesday, a trading source in Beijing and another in Shanghai said on the same day.
During the past week, a trading source in Zhejiang province said he had sold over 10,000 tonnes of April/May-shipments plate, mostly to Southeast Asia and some to South America, at $870-890 per tonne fob.
The trading source in Zhejiang said that trading was good in the past week, partly because the Russia-Ukraine war caused panic buying among overseas clients who could not procure steel products from Russia or Ukraine – with the former under economic sanctions – due to supply chain disruptions and potential risks.
Jiangsu Shagang issued an offer price of $915 per tonne fob for early May-shipment plate on Monday, the trading source in Shanghai said.
Inner Mongolia’s Baotou Iron & Steel and Shandong Iron & Steel did not issue any plate export offers.
A source at Shandong Iron & Steel said on Tuesday that the mill was preoccupied with orders from China’s domestic market.
Fastmarkets’ weekly price assessment for steel plate domestic, delivered whs Eastern China was 5,140-5,200 yuan ($814-823) per tonne last Friday, up by 100 yuan per tonne from 5,040-5,100 yuan per tonne a week earlier.