India: HR plate prices rise on firm HRC cues despite moderate demand

• Strong order bookings, limited mill stocks support prices in north
• Mumbai market slows amid festive holidays, supply remains ample

Indian HR plate (IS 2062, Grade E250 Br, 20-40 mm) prices increased by INR 1,000/t w-o-w to INR 64,900/t in Mumbai in the week ended 16 September. In Delhi, prices rose by INR 2,700/t w-o-w to INR 66,500/t. The increase was supported by firmer HRC prices and higher mill price indications, although demand remained moderate in Mumbai and festive-season activity remained subdued for part of the week.

HRC provides price support

BigMint’s bi-weekly benchmark assessment for HRC (IS 2062, Grade E250, 2.5-8 mm/CTL) increased by INR 2,000/t w-o-w to INR 63,700/t ex-Mumbai as of 16 September.

The rise in HRC provided a stronger replacement-cost basis for HR plate prices. A major producer also increased its price list during the week, despite moderate demand in the coil segment, reinforcing the upward price direction across flat steel.

Regional demand remains mixed

Market conditions differed between northern and western India. In the north, distributors reported good order bookings, but limited availability from mills restricted their ability to meet demand. This supply constraint supported prices despite a relatively cautious market environment.

In Mumbai, demand remained moderate while supply from mills was described as good. The festive season also slowed market activity for some days, limiting the pace of fresh procurement.

Imports remain significant

India’s HR plate imports stood at 12,194 t in September as of 11 September. China accounted for the largest share at 8,739 t, followed by Belgium and South Korea. Chinese material imported under the Advance Authorisation Scheme by a major domestic mill was also noted for re-export requirements.

India’s HR plate exports stood at 1,116 t as of 11 September.

Outlook

With the market reopening after the festive slowdown, participants are expecting demand to improve. In the north, order bookings and limited mill availability could continue to support prices, while Mumbai may see more moderate price movement given adequate supply. HRC price direction and mill price revisions are likely to remain important indicators for HR plate prices in the coming weeks.