India: Trade-level HR plate prices stay range-bound w-o-w amid sluggish demand

• Sales conversion rates stay low amid early monsoon
• Imports remain modest, 10,000 t booked recently

India’s hot-rolled (HR) plate (IS2062, Gr E250 Br, 20-40 mm) prices remained range-bound w-o-w at INR 53,500-56,000/tonne (t) exy-Mumbai on 19 June 2025, amid sluggish demand. However, prices of hot strip mill (HSM) plates (IS2062, Gr E250 Br, 5-10 mm) remained stable w-o-w at INR 51,500-52,500/t exy-Mumbai. Prices exclude 18% GST.

Market overview

Trade market remains slow: Sluggish activity in key end-user sectors such as infrastructure and housing led to lower procurement volumes. However, as demand has remained weak for some time now, prices remained steady this week and did not decline further.

“We are seeing a very weak market right now, with prices struggling to find a floor because demand is so low. The early monsoon has made things even slower. Even though we are getting some new interest from potential customers, very few of these inquiries are turning into actual sales,” a market participant observed.

Auto sector sees mixed trends in May: According to the Federation of Automobile Dealers Associations (FADA), May 2025 was a positive month for tractor sales, which jumped by 18% m-o-m to 71,992 units from 60,915 units in April. However, the same period saw an 11% decline in commercial vehicle (CV) sales to 81,518 units.

Import trends: Import volumes have remained modest so far in June. Notably, plate imports were at 14,672 t in May 2025, based on vessel line-up data from BigMint. It is expected that 713 t of plates will arrive by end-June. Additionally, a deal was heard concluded recently for 10,000 t of plates from South Korea at around $695/t CFR for July.

Global plate export offers dip w-o-w: Export offers for Chinese heavy plates (SS400) fell by $5/t w-o-w to $475/t FOB China.

Outlook

With limited buying interest and early monsoon-led trade disruptions, prices are likely to remain stagnant in the near term. Imports remain modest, and global offers show minor correction, offering little immediate pressure on domestic prices.