India: HR plate prices hold steady amid need-based buying
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- Cautious procurement limits market activity
- HRC benchmark remains unchanged
India's trade-level hot-rolled (HR) plate (IS2062, Gr E250 Br, 20-40 mm) prices remained stable across key markets during the week ended 17 June 2026. Mumbai prices were unchanged at INR 60,700/t ($635/t), while Delhi prices held firm at INR 60,000/t ($626/t). Trading activity continued to be driven by need-based procurement, with overall market sentiment remaining subdued. All assessments are ex-Mumbai and exclude 18% GST.
HRC prices remain range-bound
BigMint's bi-weekly benchmark assessment for HRC (IS2062, Gr E250, 2.58 mm/CTL) in Mumbai remained unchanged w-o-w at INR 58,300/t ($617/t) as of 16 June 2026. Trade prices continued to hold steady amid weak demand fundamentals and cautious buying activity.
Trade market remains need-based
The HR plate market witnessed limited movement during the week, with no major shifts in trading activity or buying behaviour. Market participants reported a steady flow of enquiries across end-user segments. However, actual procurement was largely restricted to immediate requirements.
Demand remained subdued as buyers continued to avoid inventory accumulation, anticipating potentially better pricing opportunities in the coming weeks. Consequently, trading volumes stayed muted, reflecting a persistent wait-and-watch approach across the market.
Import and export volumes
India's bulk HR plate imports stood at 15,954 t as of 12 June 2026, with an additional 27,680 t scheduled to arrive by the end of June. During the same period, bulk HR plate exports were recorded at 29,923 t, indicating continued outbound shipment activity despite subdued domestic demand.
Outlook
HR plate prices are likely to remain stable in the coming weeks, supported by steady HRC prices and need-based buying. However, weak demand conditions and the onset of the monsoon season may further dampen market activity, limiting the scope for any significant price movement.
