- Mumbai, Delhi prices steady amid liquidity constraints
- Distributor inventories remain stable at 15-20 days of cover
India’s hot-rolled (HR) plate market remained stable in the week ended 22 July 2026, as weak downstream demand and limited fresh enquiries continued to weigh on trading activity. BigMint’s assessment for HR plate (IS 2062, Gr E250 Br, 20-40 mm) remained unchanged w-o-w at INR 60,300/t in Mumbai and INR 59,000/t in Delhi, broadly in line with the stable trend observed in the domestic HRC market.
Demand remained subdued throughout the week, with buyers restricting purchases to immediate requirements amid weak order inflows. Liquidity constraints and limited visibility on future bookings prompted traders to avoid inventory replenishment, resulting in muted spot market activity despite stable mill prices.
A market participant said, “Inventories remained steady at around 15-20 days of cover,” suggesting that balanced stock levels prevented any immediate pressure on prices while also limiting the need for aggressive procurement.
Import and export activity
Bulk HR plate imports totalled 23,959 t as of 17 July 2026, with South Korea and China remaining the key supplying countries. The imported volumes added modestly to domestic availability but did not materially alter prevailing market fundamentals.
Export activity remained relatively healthy despite subdued domestic consumption. Around 31,825 t of HR plate is scheduled for shipment next week, while 3,228 t had already been exported to Oman as of 17 July, highlighting continued overseas demand for Indian material.
Outlook
HR plate prices are expected to remain broadly stable through early August, supported by balanced inventories. However, weak downstream demand, cautious procurement, and limited fresh enquiries are likely to continue capping any significant upward movement in prices unless domestic order inflows improve.
Leave a Reply