- Festive season demand, GST cut boost yet to materialise
- Imports show slowdown, Chinese export offers hold firm
India’s hot-rolled (HR) plate prices remained stable w-o-w as of 25 September 2025. Trade-level prices of IS2062, Grade E250 Br plates (20-40 mm) were steady at INR 53,500-55,500/tonne (t), exy-Mumbai. Subdued demand led to the price stability w-o-w.
Similarly, prices of hot strip mill (HSM) plates (IS2062, Grade E250 Br, 5-10 mm) also held firm, with prices at INR 49,500-50,500/t, exy-Mumbai. All prices are exclusive of 18% GST.
Market overview
Market sentiment remains cautious amid uncertainty: The market remained subdued, as the anticipated improvement in demand from the upcoming festive season and the recent GST rate reduction has yet to take effect. High levels of finished inventory at the buyers’ end limited fresh procurement, keeping overall activity restrained.
Additionally, prolonged rainfall across several key regions severely disrupted construction activity, a critical driver of steel consumption. These weather-related disruptions delayed project timelines and slowed material offtake, dampening the expected seasonal boost in demand. As a result, the market continued to operate with caution, awaiting clearer signs of recovery.
Import trends: As of 20 September, India’s steel plate imports stood at 8,897 t, with an additional 54,204 t scheduled to arrive by the end of September. This is significantly lower than the 76,700 t registered in August.
Chinese heavy plate export offers remain stable: As of 24 September, export offers for Chinese SS400 heavy plates remained stable at $495/t FOB China.
Outlook
Indian HR plate prices are likely to stay steady in the short term amid subdued demand and elevated buyer inventories. Seasonal demand and GST reductions could provide some uplift, but recovery remains uncertain.
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