- Inventories low, but real challenge is demand
- RBI repo rate cut may inject liquidity, boost sales
Trade-level prices of hot-rolled (HR) plates (IS2062, grade E250 Br, 20-40 mm) in India remained stable, at INR 53,000-55,500 /t ex-Mumbai, as per BigMint’s weekly assessment on 9 April 2025. Similarly, prices of hot strip mill (HSM) plates (IS2062, grade E250 Br, 5-10 mm) held steady w-o-w at INR 51,000-52,000/t ex-Mumbai. Prices are exclusive of 18% GST.
Market overview
Trade market remains stable: The market remained stable despite facing challenges in terms of sales due to slower demand.
“Inventory levels are low, but the main challenge is weak demand,” a market participant noted. “Uncertainty around tariffs and global market volatility are factors creating panic. However, the recent repo rate cut by the RBI is expected to boost liquidity, which could help improve demand,” the source added.
Global plate export offers hold firm w-o-w: Chinese heavy plate (SS400) export offers remained unchanged at $490/t FOB China this week.
Outlook
HR plate and HSM plate prices are expected to remain stable in the near term amid low inventories and cautious market sentiment. Weak demand continues to weigh on trade, but the recent RBI rate cut may improve liquidity and support buying activity.
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