- HSM plate prices remain stable w-o-w
- Plate imports rise significantly in Aug’25
India’s trade-level hot-rolled (HR) plate (IS2062, Gr E250 Br, 20-40 mm) prices decreased by INR 400/tonne (t) w-o-w to INR 53,500-55,500/t exy-Mumbai on 20 August 2025. Additionally, prices of hot strip mill (HSM) plates (IS2062, Gr E250 Br, 5-10 mm) remained stable w-o-w at INR 50,000-51,500/t exy-Mumbai. Prices exclude 18% GST.
Market overview
Trade market waits for demand to pick up: Market activity remained muted as sluggish sales persisted despite ample supplies. Prices increased initially in anticipation of restocking demand from traders. However, the trend reversed this week as buyers resisted the hike and limited their purchases to immediate requirements, prompting a price correction.
“Market participants expected prices to rise ahead of the festive season on the assumption that demand would strengthen. However, this has not materialised, as buyers have firmly resisted price hikes. Moreover, the anticipated seasonal demand push is yet to emerge, keeping the market under pressure,” a market participant said.
Imports surge in August: As of 19 August, India has imported 29,808 t of plates. This is a slight decrease from July’s import volume of 32,988 t, but significantly higher than 2,469 t imported in June.
Looking forward, the market expects a substantial increase in import activity. According to vessel line-up data, an additional 43,168 t of steel plates are scheduled to arrive by the end of August. This suggests a significant rise in import volumes for the month as a whole.
Mixed trends in auto market: According to data from the Federation of Automobile Dealers Associations (FADA), tractor sales saw a significant 15% m-o-m increase in July, climbing to 88,722 units. This is a notable rise from the 77,214 units sold in June and 71,992 units sold in May.
In contrast, commercial vehicle (CV) sales experienced a slight downturn. Sales in this category registered a marginal 2% decrease in July, dropping to 79,948 units from 81,925 units in the previous month.
Chinese heavy plate export offers rise: As of 20 August, export offers for Chinese SS400 heavy plates are assessed at $505/t FOB China.
Outlook
With buyer resistance to recent price hikes and continued sluggish demand, HR plate prices are under downward pressure. While prices corrected this week, the market is awaiting the anticipated festive season demand surge. The large volume of scheduled imports in August could also add to supply, potentially limiting any immediate price recovery.
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