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

BigMint's weekly assessment of HR plate (IS2062, Gr E250 Br, 20-40 mm) prices remained stable in the range of INR 49,000-52,500/t exy-Mumbai on 16 January, 2025. Additionally, prices of hot strip mill (HSM) plates (IS2062, Gr E250 Br, 5-10 mm) increased marginally by INR 300 at INR 48,000-49,000/t exy-Mumbai. Prices exclude 18% GST.

Market overview

Trade market remains stable: Market activity remained subdued during Lohri and Makar Sankranti and trading was suspended. The market has not supported the increased price quotations observed in the previous assessment period.

Global plate export offers remain stable w-o-w: Chinese heavy plate (SS400) export offers remained steady at $485/t FOB China this week.

Stagnant sales of commercial vehicles: As per recent data released by Society of Indian Automobile Manufacturers (SIAM), the sales number has remained same in December 2024 at 79,350 units. It has remained same since October.

"As there is slowdown in the construction and infrastructure projects, the sale of commercial vehicles has slowed down. The revival of this depends on how it performs over a period of time," a market participant said.

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.