- HR plate prices drop by INR 1,000/t w-o-w
- China’s plate offers on hold amid holidays
India’s trade-level hot-rolled (HR) plate (IS2062, Gr E250 Br, 20-40 mm) prices stood at INR 52,000-53,000//tonne (t), exy-Mumbai, dropping by approximately INR 1,000/t w-o-w on 8 October 2025. This decline in prices can be attributed to low domestic demand ahead of festivities.
Similarly, prices of hot strip mill (HSM) plates (IS2062, Grade E250 Br, 5-10 mm) declined by INR 500/t w-o-w to $49,500-50,000/t, exy-Mumbai. All prices are exclusive of 18% GST.
Market overview
Market sentiments: The trade market saw a temporary dip in demand following the Navratri and Dusshera holidays. This downturn was further exacerbated by the ongoing uncertain rainfall patterns across the country, which have disrupted work and consequently lessened consumer demand.
A reliable source informed, “Due to ongoing credit crunch sellers are trying to offload the inventory ahead of Diwali. Lkewise buyers are also trying to make purchase at lower levels”.
Import trends: As of 30 September, India’s steel plate imports stood at 44,066 t, down by 32,634 t or 43% m-o-m against 76,700 t a month ago. However, y-o-y, imports increased by 7,512 t or 21% y-o-y as compared to 43,806 t last year. Notably, 23,288 t is expected to arrive by the mid of October.
China’s heavy plate export offers: China’s HR plate (SS400) export offers remained on hold amid the National Day holidays in the region effective from 1-8 October. Last heard offers were around $495/t FOB Rizaho.
Outlook
In the short term, demand may remain subdued during the festive season and weather-related disruptions. However, post-Diwali demand could pick up if credit conditions ease and manufacturing activities gain traction. Sellers’ inventory offloading and buyers’ cautious approach may keep prices under pressure, but potential China export offers could influence regional dynamics.
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