Indian HR-Plate prices have increased this week on improved buying. SteelMint’s benchmark assessment for HR-plates (base grade IS 2062, 5-10mm) stands at INR 43,000-43,250/t exy-Mumbai, soaring up by INR 1000/t against the previous week.
Factors driving plate prices are mentioned below:
- Major steel mills planning for a further hike in plate prices in Nov’20.Thus traders have raised the prices in anticipation of a hike in prices.
- The infrastructure and construction sector especially- Road and Highway construction projects are gearing up. Also, there is a visible improvement in demand for Pre-Engineered Buildings (PEB) in the country.
- Also, the demand from the shipbuilding and Oil and Hydrocarbon sector is anticipated to pick up by Dec ’20.
- The uptrend in global plate prices also motivated Indian mills to raise prices
A market source based in western India shared- “the demand for plates has improved and market channels have started restocking ahead of Diwali festival.”
Further market sources shared that domestic demand is steady and requirements are coming from most of the segments. Also improved demand in plates may keep prices sustained in trade segment.
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