India: Monthly average trade segment prices of HR plates decrease by INR 1,600/t

• Prices of HR, HSM plates edge down m-o-m
  
  
• Need-based procurement weighs on market

  
  
  

The monthly average prices of hot-rolled (HR) plates (IS2062, Gr E250 Br, 20-40 mm) fell by INR 1,600/t to INR 50,900/t in December from INR 52,500/t in November.

During the week, as per BigMint's weekly assessment, HR plate (IS2062, Gr E250 Br, 20-40 mm) tags increased by INR 300/t w-o-w to INR 49,000-52,500/t exy-Mumbai on 26 December 2024. However, prices of hot strip mill (HSM) plates (IS2062, Gr E250 Br, 5-10 mm) decreased by INR 100/t w-o-w to INR 47,500-49,000/t exy-Mumbai. Prices exclude 18% GST.

Market overview

Trade market witnesses limited demand: The trade market saw limited demand with markets participants relying on need-based procurement of smaller quantities at lower prices. With the automobile sector undergoing its annual maintenance and book closure, demand from the sector was very limited.

"This month, the market has been sluggish, with sales declining significantly due to a sharp drop in demand. Industries that typically utilise plates are experiencing subdued sales, leading to a corresponding decrease in plate consumption. We remain hopeful that the final quarter of the financial year will see a rebound in demand," said a market participant.

Global plate export offers rise: The monthly average Chinese heavy plate (SS400) export offers stood at $514/t FOB China for December, down marginally by $1/t from $513/t FOB in November.

Outlook

Despite marginal improvements observed in HRC and other flat product prices, it is anticipated that HR plate will remain rangebound, with no significant upward price movement expected in the near term.