- Market remains challenged by subdued demand
- Expectations of demand surge in Q4FY’25 fade
Trade-level prices of hot-rolled (HR) plates (IS2062, Grade E250 Br, 20-40 mm) in India remained stable, at INR 51,000-54,000/t ex-Mumbai, as per BigMint’s weekly assessment on 12 February 2025, Similarly, prices of hot strip mill (HSM) plates (IS2062, Grade E250 Br, 5-10 mm) held steady w-o-w at INR 48,500-49,500/t ex-Mumbai. Prices are exclusive of 18% GST.
Market overview
Trade market remains stable: The market remained stable despite facing challenges in sales due to declining demand. Expectations of a demand surge in the final quarter of the financial year have gradually diminished.
“The market was highly optimistic at the start of the final quarter; however, that momentum now appears to be fading. Demand remains weak across all segments, including infrastructure, projects, and other sectors,” observed a market participant.
Global plate export offers hold firm w-o-w: Chinese heavy plate (SS400) export offers remained unchanged at $485/t FOB China this week. Notably, offers have remained stable over the past six assessments.
Outlook
The market continues to experience limited demand, though some stakeholders expect potential positive developments. As a result, prices are likely to remain stable.
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