- Erratic weather conditions weigh on buyer interest
- Demand-supply gap to cap price gains in near term
India’s trade-level hot-rolled (HR) plate (IS2062, Gr E250 Br, 20-40 mm) prices stood range-bound w-o-w at INR 53,500-55,500/tonne (t) exy-Mumbai on 10 September 2025. However, prices of hot strip mill (HSM) plates (IS2062, Gr E250 Br, 5-10 mm) showed a slight drop of INR 300/t to INR 50,000-51,000/t exy-Mumbai. Prices exclude 18% GST.
Market overview
Subdued demand keeps prices from rising: Market activity remained poor this week, despite the expectation of an improvement in demand from the first fortnight of September 2025. Market participants, especially distributors, were optimistic about the demand uptick; however, erratic weather conditions across the country put an end to the possibility of post-monsoon pent-up demand emerging from this week. In fact, this trend has kept prices from rising since the beginning of the month.
“Rainfall in the northern region and the coastal areas in the first fortnight of September kept buyers away from the market. Inquiry levels in the market remain weak; meanwhile, some regular procurement of small volumes continues despite weather-related hurdles,” a north-based distributor shared. An improvement in demand is likely towards the end of the month, he added.
Import trends: As of 10 September, India imported 20,429 t of plates. This is about 26% of the volumes imported last month (76,700 t). As per vessel line-up data, of the total imports in September, 11,946 t are yet to arrive in the country.
Chinese heavy plate export offers remain firm: As of 10 September, export offers for Chinese SS400 heavy plates were assessed at $500/t FOB China. This stands unchanged against the previous week’s offers.
Outlook
Buyers’ resistance to paying higher prices and continued sluggish demand may keep HR plate prices under pressure in the near term. The previous month’s imported volumes have added to the market inventories; meanwhile, a weakened demand scenario poses challenges for a potential price increase. However, with an improvement in construction and infrastructure activity, demand for plates should improve later this month.
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