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. However, prices of hot strip mill (HSM) plates (IS2062, Gr E250 Br, 5-10 mm) decreased marginally by INR 100 at INR 48,000-49,000/t exy-Mumbai. Prices exclude 18% GST.

Market overview

Trade market remains stable: The sluggish activity in end-user segments over recent months has dampened procurement volumes in both infrastructure and projects sectors. With limited demand, prices have stabilized without further decline.

"The drop in HRC prices is adversely affecting the market. Weak demand, coupled with ample raw materials and finished goods, is driving this trend. Additionally, slower government infrastructure spending and delayed project payments are further weighing on market sentiment," noted a market participant.

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

Outlook

The market is anticipating positive announcements for infrastructure and other sectors in the upcoming Union Budget. In the short term, limited demand and sufficient stock levels are expected to keep the market rangebound.