- Trades remain limited to immediate needs
- Inquiries stay slow, with poor conversion
India’s hot-rolled (HR) plate (IS2062, Gr E250 Br, 20-40 mm) prices fell by INR 300/tonne (t) w-o-w to INR 53,500-56,000/t exy-Mumbai on 12 June 2025. However, prices of hot strip mill (HSM) plates (IS2062, Gr E250 Br, 5-10 mm) remained stable w-o-w at INR 51,500-52,500/t exy-Mumbai. Prices exclude 18% GST.
The drop could be attributed to sluggish demand amid the monsoon-led slowdown in construction activity.
Market overview
Mills roll over prices for Jun’25: All mills rolled over their May prices for June 2025. This move kept HR plate (IS2062, Gr E250 Br, 20-40 mm) mill prices, ex-Mumbai, at INR 54,000-58,000/t.
Prices cut to test market response: A slight fall was observed this week in trade prices, as distributors adjusted their offers to gauge market response. This is despite the absence of rebates from mills. Additionally, purchasing activity was limited to immediate, need-based requirements.
“The market is seeking price support due to very low demand. While new inquiries are being made, the conversion rate of these inquiries into actual orders is exceptionally slow,” a market participant observed.
Global plate export offers firm w-o-w: Export offers for Chinese heavy plates (SS400) remained stable w-o-w at $480/t FOB China.
Outlook
Trade prices of HR plates are likely to remain under pressure. Going by current trends, inquiries may continue to be slow, with poor conversion. Additionally, distributors are trimming rates despite mills rolling over prices for June, which is a significant bearish signal.
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