- Monsoon-led labour shortages cause operational disruptions
- Construction activity slows amid extended monsoon forecast
Trade-level prices of hot-rolled (HR) plates (IS2062, grade E250 Br, 20-40 mm) in India decreased by INR 700/t w-o-w to INR 53,500-56,000/t ex-Mumbai, as per BigMint’s weekly assessment on 21 May 2025. Additionally, prices of hot strip mill (HSM) plates (IS2062, grade E250 Br, 5-10 mm) fell by INR 500/t w-o-w to INR 52,000-53,000/t ex-Mumbai. Prices are exclusive of 18% GST.
Prices fell amid subdued demand ahead of the onset of the southwest monsoon.
Market overview
Trade market sees falling demand: The steel market is preparing for the impact of the upcoming monsoon season. Labour shortages are becoming evident, as adverse weather conditions reduce demand and many workers shift to agricultural activities. Additionally, the construction sector is witnessing a seasonal slowdown, further dampening steel consumption as the monsoon approaches.
“We are currently experiencing labour shortages, as many workers are not reporting for duty, which is causing operational disruptions. Additionally, forecasts of an extended monsoon season by the weather department have led several sectors, particularly, the construction industry, to scale back or delay activities, opting to wait until weather conditions stabilise,” noted a market participant.
Global plate export offers firm w-o-w: Export offers for Chinese heavy plates (SS400) remained stable w-o-w at $485/t FOB China, marking the fourth consecutive week of unchanged pricing.
Outlook
Domestic HR plate prices may remain weak due to slowing demand, labour shortages, and seasonal disruption ahead of the monsoon. With construction activity tapering and operational delays emerging, buyer sentiment remains cautious. Despite stable export offers from China, subdued domestic consumption is expected to keep trade-level plate prices under pressure in the near term.
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