- Price drops likely amid continued weak demand
- Import volumes see substantial increase in Jul’25
India’s hot-rolled (HR) plate (IS2062, Gr E250 Br, 20-40 mm) prices remained range-bound w-o-w at INR 53,500-55,500/tonne (t) exy-Mumbai on 9 July 2025, amid declining sales momentum. However, 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 remains stagnant: Demand remained stagnant, with the lack of any significant trade momentum resulting in relatively stable pricing.
“While plate prices are flat at the moment, we expect a downtrend in the near future. This expectation is primarily driven by the recent decline in hot-rolled coil (HRC) tags, which typically influence plate pricing. Adding to this downward pressure is the current market environment, characterised by subdued demand and slow sales. The lack of robust demand is likely to accelerate the expected price corrections for plates,” a market participant noted.
Inventories at mills rise 12% y-o-y in Jun’25: According to data released by the Joint Plant Committee (JPC), prime mild (PM) plates inventory levels at Indian mills in June 2025 stood at 1.021 million tonnes (mnt). This represents a marginal m-o-m decrease of 2% compared to the 1.043 mnt recorded in May 2025. However, inventory levels have increased by a notable 12% from 0.908 mnt in June 2024.
Imports surge in July: HR plate imports witnessed a significant surge in mid-July 2025. As of 19 July 2025, import volumes reached 30,700 t, according to vessel line-up data from BigMint. This marks a substantial increase compared to June and May, when imports totalled 2,469 t and 14,672 t, respectively.
This uptrend is expected to continue. Based on current vessel line-up data from BigMint, an additional 2,288 t of HR plates are projected to arrive by the end of July, with another 16,500 t expected in August. This indicates a sustained high level of HR plate imports in the coming weeks.
Chinese heavy plate export offers rise: As of 23 July 2025, export offers for Chinese SS400 heavy plates increased by $10/t w-o-w to $490/t FOB China from the previous week’s $480/t.
Outlook
In the near term, HR plate prices are expected to face downward pressure despite recent stability. Falling HRC prices and weak domestic demand are likely to weigh on prices. Additionally, a sharp rise in July imports and higher arrivals projected through August may further limit price support, even as Chinese export offers rise.
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