- Early monsoon, labour shortage dampen demand
- Chinese plate export offers down $5/t w-o-w
Monthly average trade-level prices of hot-rolled (HR) plates (IS2062, Gr E250 Br, 20-40 mm) remained range-bound at INR 55,200/t in May 2025 from INR 55,100/t in April, as per BigMint’s assessment.
During the week, HR plate (IS2062, Gr E250 Br, 20-40 mm) tags fell by INR 100/t w-o-w to INR 53,500-56,000/t exy-Mumbai on 28 April 2025. Additionally, prices of hot strip mill (HSM) plates (IS2062, Gr E250 Br, 5-10 mm) increased by INR 800/t w-o-w to INR 51,500-52,500 /t exy-Mumbai. Prices exclude 18% GST.
Market overview
Mill prices increase for May’25: All mills had increased their May prices m-o-m by INR 1,000/t. This move pushed up HR plate (IS2062, Gr E250 Br, 20-40 mm) prices, ex-Mumbai to a range of INR 54,500-58,000/t.
Market impacted by falling demand: Market demand weakened, leading to a reversal of the price increase seen at the beginning of the month. As a result, the monthly average prices remained largely unchanged. The early onset of the monsoon and labour shortages further dampened demand, negatively impacting market activity.
Global plate export offers fall: Chinese heavy plate (SS400) export offers stood at a monthly average of $484/t FOB China in May 2025, down by $5/t from $489/t FOB in April 2025.
Outlook
HR plate prices are expected to remain range-bound in the near term as weak domestic demand offsets recent mill price hikes. Despite a marginal m-o-m increase in average prices, subdued buying interest and monsoon-related disruptions may limit any sustained upward movement. Global cues remain bearish, with Chinese export offers also softening.
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