- Trade segment reduces prices to stimulate sales
- Chinese heavy plate offers remain firm w-o-w
Trade-level prices of hot-rolled (HR) plates (IS2062, grade E250 Br, 20-40 mm) in India decreased by INR 1,500/t w-o-w to INR 54,500-57,000/t ex-Mumbai, as per BigMint’s weekly assessment on 15 May 2025. However, prices of hot strip mill (HSM) plates (IS2062, grade E250 Br, 5-10 mm) increased by INR 300/t w-o-w to INR 52,500-53,500/t ex-Mumbai. Prices are exclusive of 18% GST.
Market overview
Trade market sees falling sales: The steel market is currently experiencing a downturn in sales, compelling many businesses to lower their prices to stimulate demand. This trend is evident in the recent data for India’s finished steel consumption, which saw a significant m-o-m decrease of 16.1% in April 2025. Consumption fell to 11.867 mnt, down from 14.149 mnt in March 2025. This decline directly indicates a weakening demand for steel within the Indian market.
“We tried holding up the prices but sales are very slow. Hence, we had to reduce the prices to stimulate sales,” noted a market participant.
Global plate export offers firm w-o-w: Chinese heavy plate (SS400) export offers remained unchanged w-o-w at $485/t FOB China.
Outlook
Steel demand is likely to remain weak, and pressure down prices. With sluggish sales and limited buying interest, the market may see further price adjustments. Export offers from China may remain steady, offering little external price support. Market sentiment is expected to stay cautious in the short term.
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