- Delhi HR plate prices rise INR 1,300/t w-o-w
- Mumbai prices remain stable amid cautious buying
BigMint’s assessment for HR plate (IS 2062, Grade E250 Br, 20-40 mm) remained stable w-o-w at INR 63,900/t in Mumbai. In Delhi, prices increased by INR 1,300/t w-o-w to INR 63,800/t, supported by firm domestic HRC market cues and limited spot availability.
Demand remained balanced, with market participants describing buying as neither too strong nor too weak. Procurement continued to be largely requirement-based, while the festive season has started to slow trading activity after stronger buying during the last two weeks of August.
Demand slows after strong August buying
A market participant said, “The last two weeks of August was really good. But this month it’s slowed down. Maybe because of festive season. Inventories are good. Materials are freely available.”
Buyers have largely remained cautious and focused on immediate requirements. However, controlled mill dispatches and limited quantities being supplied against trader requirements have kept readily available material relatively constrained in the trade channel.
The combination of adequate inventories with limited spot availability has provided underlying support to prices despite slower buying activity.
HRC provides price support
BigMint’s bi-weekly benchmark assessment for HRC (IS 2062, Grade E250, 2.5-8 mm/CTL) stood at INR 61,700/t ($648/t) ex-Mumbai as of 8 September, down INR 300/t w-o-w.
Despite the marginal weekly correction, HRC market levels continued to provide support to HR plate pricing. Demand showed a slight improvement, while procurement remained largely requirement-based.
Traders and financiers were increasingly anticipating further price increases, resulting in cautious position-building. Tight trader inventories, controlled mill dispatches and limited spot availability supported sellers’ pricing positions.
However, elevated HRC prices continued to keep buyers cautious, with purchase volumes remaining relatively low. Overall, firm supply conditions, stable demand and positive price expectations kept market sentiment steady to firm.
China holds major share in India’s imports
India’s HR plate imports stood at 12,194 t in September as of 4 September. China accounted for the majority of imports at 8,739 t, followed by Belgium and South Korea
Outlook
HR plate prices are expected to remain supported in September as controlled mill dispatches and limited spot availability provide a floor to market levels. However, festive-season slowdown and requirement-based procurement may limit demand-led price gains. Market participants are likely to closely monitor HRC price movements, mill supply and fresh buying activity for direction.
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