India: Trade prices of HR plates increase marginally by up to INR 400/t w-o-w

• Rise in HRC prices leads to positive sentiments
  
• Market expects demand to pick up as FY’25 ends
  

Trade-level hot-rolled (HR) plate (IS2062, Gr E250 Br, 20-40 mm) prices in India increased marginally by INR 200/tonne (t) to maintain a range of INR 51,000-54,000/t exy-Mumbai on 05 February 2025, shows BigMint’s weekly assessment. Additionally, prices of hot strip mill (HSM) plates (IS2062, Gr E250 Br, 5-10 mm) increased by INR 400/t to INR 48,500-49,500/t exy-Mumbai. Prices exclude 18% GST.

Market overview

Expectations of demand recovery emerge: With the final quarter of the fiscal year underway, expectations of an increase in demand led suppliers to raise prices, in an attempt to test the market’s absorption capacity.

“The recent rise in hot-rolled coil (HRC) tags has motivated the market to increase plate prices. Additionally, as it is the last quarter of the financial year, there is good demand in the market. Generally, people tend to exhaust their yearly budgets during this period,” noted a market participant.

Global plate export offers remain stable w-o-w: Chinese heavy plate (SS400) export offers remained steady at $485/t FOB China this week.

Outlook

Plate prices are expected to remain firm in the near term, supported by seasonal demand and upward momentum in the HRC market. With the final quarter of the fiscal year underway, purchasing activity may improve as buyers utilise their remaining budgets.

Additionally, suppliers are likely to continue with price hikes to assess market acceptance. However, sustained upward movement will depend on actual demand realisation and global price trends.