- Weak demand persists for several weeks now
- Participants await price cuts/support from mills
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. Additionally, 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 stable: Given that demand has remained weak for some time now, prices remained steady this week and did not decline further due to the ongoing monsoon.
“The market is currently very weak, with prices unable to stabilise due to poor demand. All participants are waiting for mills to either offer price support or reduce their official list prices,” a market participant observed.
Import trends: Import volumes have remained modest so far in June, with around 2,469 t being imported. Notably, plate imports were at 14,672 t in May 2025, based on vessel line-up data from BigMint. It is expected that an additional 6,783 t of plates will arrive by end-June.
Global plate export offers stable w-o-w: Export offers for Chinese heavy plates (SS400) remained stable w-o-w at $475/t FOB China.
Outlook
In the near term, prices are expected to stay range-bound. Additionally, the trade market is waiting for mill price support or list price cuts.
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