India: HR plate prices remain stable m-o-m in June amid healthy bookings

• Mills roll over prices for Jun'26 amid healthy order books
  
  
• HRC prices dip m-o-m in Mumbai on need-based trade
  
  

India's trade-level hot-rolled (HR) plate (IS2062, Gr E250 Br, 20-40 mm) prices remained stable in June 2026, supported by balanced market fundamentals and steady trade activity. Mills' order books remained healthy despite need-based trading activity at the dealer-distributor level, which ultimately led to the price stability m-o-m.

Taking monthly average prices till 12 June, Mumbai prices were unchanged m-o-m at INR 60,700/t ($634/t) in June, highlighting continued market resilience following recent periods of volatility. In Delhi, prices moderated by INR 500/t to INR 60,000/t ($626/t) in June from INR 60,500/t ($632/t) in May, reflecting localised subdued demand. Prices are exclusive of 18% GST.

Market overview

HRC prices edge down m-o-m: BigMint's benchmark assessment for HRC (IS 2062, Grade E250, 2.5-8 mm/CTL) in Mumbai inched down by INR 200/t ($2/t) m-o-m, settling at INR 58,300/t ($609/t) in June against INR 58,500/t ($611/t) in May. The modest decline reflects ongoing market adjustments, with procurement activity remaining aligned with consumption requirements.

Mills roll over prices for Jun'26: Major steelmakers kept their June 2026 price lists unchanged, reflecting the prevailing cautious market sentiment. Consequently, HR plate (IS 2062, Grade E250 Br., 20-40 mm) prices, ex-Mumbai, continued to be quoted at INR 61,300-65,250/t ($641-682/t).

Supply outlook remains stable: Most mills are currently operating at full capacity, and no major supply constraints are evident in the market. However, one eastern producer is scheduled to undertake maintenance for around one to two weeks this month, which may lead to localised tightness in material availability across certain markets.

Mills maintain healthy order books: Steelmakers continued to report healthy order bookings, underpinned by steady demand from infrastructure, yellow goods, fabrication, shipbuilding, oil and gas, power plants, pre-engineered buildings (PEBs), data centres, and other heavy engineering segments. Demand from the data centre sector is emerging as a key growth driver, with a 168 MW AI-ready facility planned in Jamnagar and India's total capacity projected to reach 10-15 GW over the next five years, creating new opportunities for value-added steel products.

"Mills are accelerating their push into value-added grades, aligning product portfolios with next-generation industrial demand," a participant informed BigMint.

Trade market remains need-based: Distributors noted that measured purchasing activity and moderate enquiry levels have kept the market broadly stable. "Market conditions remain steady, with buyers continuing to monitor requirements closely. While enquiries are emerging across segments, procurement activity is largely aligned with immediate consumption needs, supporting a balanced trading environment," a market participant informed BigMint.

Raw material trends remain mixed

BigMint's coking coal index rose to $269/t in June from $264/t in May, increasing cost pressures for integrated steelmakers. However, iron ore fines prices declined to INR 5,100/t ($53/t) from INR 5,350/t ($56/t) over the same period, providing partial cost relief. Despite higher coking coal costs, weak demand and cautious buying sentiment prevented mills from raising prices.

Outlook

India's HR plate prices are expected to remain largely stable in the near term, supported by healthy mill order books and steady demand from infrastructure, yellow goods, fabrication, shipbuilding, oil & gas, power, PEBs, data centres, and other engineering sectors. While the monsoon may temporarily moderate project activity, balanced supply conditions and firm industrial demand are likely to support price stability.