- Major mills raise prices by INR 500/t for August.
- HRC gains and tighter availability support HR plate prices.
India’s hot-rolled (HR) plate prices increased in the week ended 19 August, supported by moderate-to-good demand and improved buying activity. Market sentiment also strengthened after a major domestic mill raised prices by INR 500/t ($5/t), for the newer order bookings with the higher offers gradually reflected in spot transactions.
BigMint’s assessment for HR plate (IS 2062, Gr E250 Br, 20-40 mm) increased by INR 300/t ($3/t) w-o-w to INR 61,500/t ($643/t) in Mumbai. In Delhi, prices also rose by INR 300/t ($3/t) to INR 59,800/t ($625/t), tracking the upward movement in the domestic hot-rolled coil (HRC) market.
Market update
Trading activity improved during the assessment week as buying interest strengthened across key downstream markets. A market participant told BigMint, “Good bookings and clearance of previous enquiries led to market moving upwards.”
The HR plate market remained firm, although price movement was limited by uneven demand across regions. Availability of commonly traded grades tightened amid delays and constraints in mill dispatches, supporting spot offers for readily available material. However, overall supply remained manageable.
Demand was slightly lower to moderate in the northern region, limiting the impact of tighter availability on overall market activity. In the western region, demand was reported at good-to-moderate levels, supporting better trading activity and providing greater stability to spot prices.
Meanwhile, firmer HRC prices strengthened the pricing base for HR plate producers and traders. Sellers showed greater resistance to price negotiations, while buyers continued to procure based on requirements. With downstream demand yet to improve broadly, price gains are likely to remain measured.
HRC market lends support
HR plate prices continued to move in line with the domestic HRC market during the assessment week. BigMint’s benchmark assessment for HRC (IS 2062, Grade E250, 2.5-8 mm/CTL) increased by INR 200/t ($2/t) w-o-w to INR 58,300/t ($610/t) in Mumbai. In Delhi, HRC prices rose by INR 700/t ($7/t) to around INR 57,500/t ($601/t). The improvement in HRC prices provided a stronger pricing base for HR plate producers and supported offers across major trading centres.
Imports and exports scenario
Bulk HR plate imports stood at 3,568 t as of 12 August, with South Korea and China remaining the major suppliers to the Indian market. A further 18,501 t of imports are expected to arrive by the end of the week, as per the vessel-line up data.
India’s HR plate exports stood at around 37,015 t as of 12 August, supported by sustained overseas demand for Indian-origin material.
Outlook
Market participants expect demand to improve after month-end as buyers return for fresh bookings. However, with demand currently uneven across regions and supply remaining manageable, any sharp price increase is likely to be limited. HR plate prices are therefore expected to remain supported, with the direction of HRC prices and mill dispatches likely to influence market movement in the coming weeks.
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