India: Trade-level HR plate prices decrease by INR 500/t w-o-w

• Market yet to see expected festive demand pick-up
• Construction demand stays weak amid heavy rains

India’s trade-level hot-rolled (HR) plate (IS2062, Gr E250 Br, 20-40 mm) prices decreased by INR 500/tonne (t) w-o-w to INR 53,500-55,500/t exy-Mumbai on 17 September 2025. Additionally, prices of hot strip mill (HSM) plates (IS2062, Gr E250 Br, 5-10 mm) fell by INR 500/t w-o-w to INR 49,500-50,500/t exy-Mumbai. Prices exclude 18% GST.

Market overview

Trade market waits for demand to pick up: The market was subdued, with low sales despite high inventory levels. The anticipated increase in demand from the upcoming festive season and the recent GST rate reduction has not yet been observed, and the market continues to await this expected boost.

“Market participants anticipated a demand uptick ahead of the festive season and potential GST reduction. However, this has not played out, with buyers resisting price hikes. In addition, persistent rainfall and flood-like conditions across several regions have disrupted construction activity, further weighing on demand. The market now remains cautious, awaiting clearer signals on how conditions will evolve,” a market participant said.

Import trends: As of 13 September, India’s steel plate imports stood at 8,483 t, with an additional 19,513 t scheduled to arrive by the end of September. This is significantly lower than the 76,700 t registered in August and 32,988 t in July.

Auto market sees mixed trends: According to data from the Federation of Automobile Dealers Associations (FADA), tractor sales saw a 4% m-o-m fall in August to 85,215 units from 88,722 in July, while volumes were higher than 77,214 in June.

Moreover, commercial vehicle (CV) sales experienced a slight downturn. Sales in this category registered a marginal 1% decrease in August to 79,296 units from 79,948 units in the previous month.

Chinese heavy plate export offers fall: As of 17 September, export offers for Chinese SS400 heavy plates fell by $5/t to $495/t FOB China from $500/t a week ago.

Outlook

With buyer resistance to recent price hikes and continued sluggish demand, HR plate prices are under downward pressure. While prices corrected this week, the market is awaiting the anticipated festive season demand surge. The continous imports in have added to supply, potentially limiting any immediate price recovery.