- Mumbai prices rise on firmer HRC support
- Delhi prices ease amid subdued buying activity
Indian hot-rolled (HR) plate (IS 2062, Grade E250 Br, 20-40 mm) prices increased by INR 1,000/t w-o-w to INR 65,900/t in Mumbai in the week ended 23 September. Meanwhile, in Delhi, prices declined by INR 600/t w-o-w to INR 65,900/t. The increase in Mumbai was supported by firmer HRC prices and higher mill price indications, while cautious, need-based buying limited broader price acceptance. In Delhi, steady but subdued buying activity was insufficient to support prices.
HRC provides price support
BigMint’s bi-weekly benchmark assessment for Mumbai hot-rolled coil (HRC) (IS 2062, Grade E250, 2.5-8 mm/CTL) increased by INR 200/t w-o-w to INR 63,900/t ex-Mumbai as of 22 September 2026.
The rise in HRC strengthened the replacement-cost basis for HR plate prices in Mumbai. Market sentiment also firmed after one major mill raised HRC and HR plate prices by around INR 1,000/t. However, buyers remained focused on immediate requirements. Expectations of further price increases encouraged some purchases, but demand remained moderate, and buyers were cautious about accumulating inventory at higher price levels.
Market sentiment remains mixed
Market sentiment remained mixed across regions, with high price volatility reported in western India. Market participants said manufacturers had been raising prices frequently, creating uncertainty over price sustainability and making buyers more cautious about inventory decisions.
OEM buying remained largely need-based. A market source said, “OEMs are currently purchasing mainly against immediate requirements.” Another participant said a major construction company with around 20,000 t of procurement requirement had put its buying on hold, awaiting greater price clarity.
In northern India (Delhi), prices declined as buyers continued to procure material based on immediate requirements, and subdued buying momentum limited price support.
Imports remain significant
India’s HR plate imports stood at 37,188 t as of 18 September, with another 11,703 t expected to arrive by the end of September.
Chinese material imported under the Advance Authorisation Scheme by a major domestic mill was also reported in the market for re-export requirements.
India’s HR plate exports stood at 1,116 t as of 18 September. Another 27,647 t were expected to be shipped by the end of September.
Outlook
HR plate prices are likely to remain sensitive to HRC movements and mill price indications through the end of September. Moderate demand and cautious, need-based procurement could limit broader price gains.
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