India: Trade-level HR plate prices rise by up to INR 1,800/t w-o-w

• Safeguard duty imposition boosts market sentiment
• Demand fails to pick up, need-based buying seen

Trade-level prices of hot-rolled (HR) plates (IS2062, grade E250 Br, 20-40 mm) in India rose by up to INR 1,800/t w-o-w to INR 54,500-57,000/t ex-Mumbai, as per BigMint’s weekly assessment on 24 April 2025. Similarly, prices of hot strip mill (HSM) plates (IS2062, grade E250 Br, 5-10 mm) increased by up to INR 1,000/t w-o-w to INR 52,000-53,000/t ex-Mumbai. Prices are exclusive of 18% GST.

Market overview

Trade market surges after safeguard duty imposition: Prices increased, following the implementation of the safeguard duty, mirroring the uptrend across the entire flat steel segment.

“Following the imposition of the safeguard duty, prices have surged, amid tightening supply. However, the primary concern remains weak demand, with buyers purchasing only on need-based basis,” a market participant noted.

Global plate export offers hold firm w-o-w: Chinese heavy plate (SS400) export offers remained unchanged w-o-w at $490/t FOB China.

Outlook

Although domestic HR plate and HSM plate prices surged following the safeguard duty imposition, weak demand persists, with buyers limiting purchases to essentials. Additionally, global export offers from China remained steady, suggesting limited external pressure on prices. As a result, prices may remain range-bound in the near term, amid a cautious yet stable outlook.