- Infra, residential sectors see slowdown in activity
- Commercial vehicle sector shows growth in Jan’25
Trade-level prices of hot-rolled (HR) plates (IS2062, Grade E250 Br, 20-40 mm) in India remained stable w-o-w at INR 51,000-54,000/tonne (t) ex-Mumbai, as per BigMint’s weekly assessment on 20 February 2025. Similarly, tags of hot strip mill (HSM) plates (IS2062, Grade E250 Br, 5-10 mm) held steady w-o-w at INR 48,500-49,500/t ex-Mumbai. Prices are exclusive of 18% GST.
Although demand was subdued across India, limited market movements led to stable prices.
Market overview
Limited demand troubles trade market: In recent times, activity has slowed down in end-user segments, such as the infrastructure and residential markets, which has led to limited demand and poor procurement. However, due to the lack of major market movements and significant downward pressure, prices were stable w-o-w.
Global plate export offers hold firm w-o-w: Chinese heavy plate (SS400) export offers remained unchanged w-o-w at $485/t FOB China this week.
Commercial vehicle segment shows growth: The commercial vehicle sector recovered in January 2025, with sales rising to 85,000 units. Previously, in October-December 2024, the segment had seen sluggish momentum, with sales remaining stagnant. The recent uptick signals potential demand revival in related steel-consuming industries.
Outlook
HR plate prices are expected to remain stable in the near term due to subdued demand from infrastructure and residential sectors. However, a recovery in the commercial vehicle segment could provide some support. Additionally, global export offers are firm, limiting downside risks. Presently, domestic procurement trends will be key to future price movements.
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