- HR plate prices track gains in domestic HRC
- Auto, fabrication demand supports market activity
India’s hot-rolled (HR) plate prices rose in the week ended 5 August, supported by moderate-to-good demand from the automobile, fabrication, and heavy engineering sectors. Improved buying activity in these downstream industries kept trading active.
Market sentiment also strengthened after a major domestic mill announced a price increase of INR 1,000/t for August sales. The revised offers were gradually reflected in spot market activity, with traders reporting improved buying interest following the announcement.
Reflecting the improved market sentiment, 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 60,600/t ($636/t) in Mumbai. In Delhi, prices rose by INR 800/t ($8/t) to INR 59,500/t ($625/t), following the upward trend in the domestic hot-rolled coil (HRC) market.
Steady demand supports market
Demand for HR plates remained stable throughout the week, with regular procurement from original equipment manufacturers (OEMs), passenger vehicle (PV) manufacturers, fabrication units, and heavy engineering companies. Market participants reported healthy order execution, while buying remained largely requirement-based.
One market participant said, “Good demand in HR plate during the last week of July provided strong support to the market.”
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 57,900/t ($608/t) in Mumbai. In Delhi, HRC prices rose by INR 750/t ($8/t) to around INR 56,500/t ($593/t). The improvement in HRC prices provided a stronger pricing base for HR plate producers and supported offers across major trading centres.
Imports increase, exports remain subdued
Bulk HR plate imports increased to 27,668 t in July from 25,367 t in June, with South Korea, China, and the UAE remaining the major suppliers to the Indian market.
Meanwhile, export activity remained subdued. Around 17,028 t of HR plates had already been exported in July, supported by sustained overseas demand for Indian-origin material. However, export volumes remained lower than imports, with domestic demand continuing to absorb a larger share of production.
Outlook
HR plate prices are expected to remain firm in the coming week, supported by steady domestic demand and positive market sentiment following recent mill price revisions. Firm HRC prices are also likely to provide support to HR plate offers, while regular buying interest may keep trading activity active.
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