India: Trade prices of HR plates remain rangebound w-o-w

Trade-level prices of hot-rolled plate-mill (PM) plates (IS2062, Gr E250 Br, 20-40 mm) remained rangebound w-o-w. BigMint's weekly assessment of HR plate (IS2062, Gr E250 Br, 20-40 mm) fell by INR 200/t in the range of INR 49,000-52,500/t exy-Mumbai on 1 January, 2025. Additionally, prices of hot strip mill (HSM) plates (IS2062, Gr E250 Br, 5-10 mm) were rangebound at INR 47,500-49,000/t ($560-578/t) exy-Mumbai. Prices exclude 18% GST.

Market overview

Trade market remains stable: The slow momentum of activities from end-user segments in the past few months have weighed on procurement volumes from the infrastructure and auto segments.

Global plate export offers remain stable w-o-w: Chinese heavy plate (SS400) export offers remained steady at $510/t FOB China this week.

Slow industrial activities weigh on demand: Manufacturing activity in India registered its weakest growth of 2024 in December as the Manufacturing Purchasing Managers' Index (PMI) fell to 56.4, down from 56.5 in November. The slowdown was attributed to increased competition and rising price pressures, with input cost inflation reaching its highest since July.

Outlook

The continuous fall in demand with increasing levels of inventory will continue to keep pressure on prices. In the near term, prices are expected to remain rangebound.