- Prices of HR, HSM plates edge up m-o-m
- Need-based procurement weighs on market
Monthly average prices of hot-rolled (HR) plates (IS2062, Gr E250 Br, 20-40 mm) increased by INR 1,100/t to INR 53,500/t in March 2025 from INR 52,400/t in February, as per BigMint’s weekly assessment.
During the week, HR plate (IS2062, Gr E250 Br, 20-40 mm) tags increased by INR 200/t w-o-w to INR 52,000-54,500/t exy-Mumbai on 26 March. Also, prices of hot strip mill (HSM) plates (IS2062, Gr E250 Br, 5-10 mm) increased by INR 1,900/t w-o-w to INR 49,000/50,000 /t exy-Mumbai. Prices exclude 18% GST.
Market overview
Trade market witnesses price rise: At the start of the week, the trade market saw moderate gains. As the month went on and a proposal for a safeguard duty was notified, the market began to rise. However, demand remained low as buyers took a cautious approach, purchasing only what was necessary.
“The rise in HRC prices, along with the proposed safeguard duty, has driven plate prices upward. However, demand has been very sluggish which poses the question whether the increase in prices will at all be sustainable,” said a market participant.
Global plate export offers rise: The monthly average Chinese heavy plate (SS400) export offers stood at $490/t FOB China for March, up by $4/t from $486/t FOB in February.
Outlook
Proposed safeguard duty and rising global offers could support prices, but sluggish domestic demand remains a key concern. Market participants anticipate continued price volatility and are adopting a wait-and-see approach.
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