India: Major HR plate producers hike list prices by INR 1,000-1,300/t from end-Dec'24 for Jan'25 sales

HR plate prices increase: BigMint's weekly assessment for HR plates (IS 2062, Gr E250 Br, 20-40 mm) stood at INR 49,000-52,500/t exy-Mumbai as of 8 January 2025, reflecting an increase of INR 1,300/t w-o-w. Meanwhile, prices of hot strip mill (HSM) plates (IS 2062, Gr E250 Br, 5-10 mm) rose by INR 100/t w-o-w to INR 47,500/49,000/t exy-Mumbai. Prices mentioned above exclude 18% GST.

These price hikes can be attributed to decent demand in the plates segment and higher offers from suppliers in the market. It is yet to be seen how the market reacts to the increase in offers.

"The plates segment has recently seen a resurgence in activity, driven by demand from the Indian Railways, original equipment manufacturers (OEMs), and a few export offers, which have collectively lifted the overall sentiment in the market," a market participant noted.

Fall in global plate prices: As of 8 January 2025, Chinese export offers for heavy plates (SS400) declined by $25/t to $485/t FOB Rizhao. This marks a drop from the $510/t recorded on 1 January 2025.

Outlook

India's HR plate prices are expected to remain range-bound in the near term, supported by recent price hikes from major producers and improved demand in the domestic market. Additionally, whether this list price increase will be absorbed by the market will become clearer next week.