India: Major HR plate producers may hike prices by up to INR 1,000/t

HR plate prices increase: BigMint's weekly assessment for HR plates (IS 2062, Gr E250 Br, 20-40 mm) stood at INR 51,500-55,000/t exy-Mumbai as of 9 October, reflecting an increase of INR 1,300/t w-o-w. Meanwhile, weekly prices of hot strip mill (HSM) plates (IS 2062, Gr E250 Br, 5-10 mm) rose by INR 200/t, reaching INR 48,500-49,500/t exy-Mumbai. The prices mentioned above exclude 18% GST. These increase in prices can be attributed to a rise in HRC prices in the trade market. The market has bullish sentiment at present with plates prices following the HRC prices and increasing. The number of enquiries and sales in the plate market has improved at a slower rate.

Increase in global plate prices: Chinese export offers for heavy plates (SS400) increased by $25/t to $535/t FOB Rizhao as of 9 October 2024. The price on 1 October 2024 was $510/t, representing third consecutive price rise.

Outlook

Trade volumes of HR-plates reported an increase after the festive holidays. Thus, improved buying activities shall support plate prices in the near-term.