- Prices raised in anticipation of festive restocking
- Supply glut, high import inflows remain concerns
India’s trade-level hot-rolled (HR) plate (IS2062, Gr E250 Br, 20-40 mm) prices increased by INR 500/tonne (t) w-o-w to INR 53,500-55,500/tonne (t) exy-Mumbai on 14 August 2025. Additionally, prices of hot strip mill (HSM) plates (IS2062, Gr E250 Br, 5-10 mm) inched up by INR 200/t w-o-w to INR 50,000/51,500/t exy-Mumbai. Prices exclude 18% GST.
Market overview
Trade market sees slower movement: Market activity remained subdued as sales remained slow, despite abundant supply. However, prices were raised in anticipation of restocking by traders and increased consumption expected during the upcoming festive season in the next few months.
“Although plate prices have seen a slight increase, their sustainability remains uncertain. Mills, however, are unwilling to reduce prices at this stage. A potential demand boost could emerge during the upcoming festive season, and market sentiment may further improve if the Russia-Ukraine conflict reaches a resolution and the tariff tangle with the US gets resolved,” a market participant noted.
Imports surge in August: As of 12 August 2025, India imported 28,099 t of steel plates. This is a significant jump from June, when imports were only 2,469 t. In July, the import volume was 32,988 t, showing a strong upward trend.
Looking ahead, an additional 27,208 t of steel plates are scheduled to arrive by the end of August, according to vessel line-up data from BigMint. This suggests that the high import volumes are likely to continue throughout the month.
Chinese heavy plate export offers rise: As of 13 August 2025, export offers for Chinese SS400 heavy plates increased by $5/t w-o-w to $505/t FOB China from the previous week’s $500/t.
Outlook
In the near term, HR plate prices may remain range-bound amid subdued domestic demand and high import inflows. While mills’ resistance to price cuts and festive demand could lend support, the sustainability of recent gains is uncertain. Rising Chinese export offers may provide some upside, but ample supply could cap sharp price increases.
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