India: Coated flat steel prices rise further on tight supply; demand remains need-based amid mixed regional trends

• Mills sustain hikes amid constrained availability
  
  
• Geopolitical uncertainty adds volatility risk
  
  

Indian coated flat steel prices increased further during the week, with mills announcing additional hikes of INR 3,000-4,000/t ($32-43/t) across galvanised plain (GP) and colour-coated (PPGI) products. Post-revision, effective transaction levels for GP were reported in the range of INR 74,000-78,000/t($799-843/t), while PPGI prices were assessed at INR 84,250-87,500/t ($910-945/t), depending on specification, thickness, and location.

The increase in offers is primarily attributed to sustained cost pressures and restricted supply availability. Mills continued to hold firm on pricing amid elevated logistics costs and volatility in input materials. Market participants also indicated that ongoing geopolitical tensions are contributing to uncertainty in raw material procurement and freight, thereby supporting higher offer levels.

Demand conditions remained uneven across regions. While certain markets reported improved enquiries and limited pickup in trading activity, others continued to witness subdued offtake. However, tight supply conditions across segments have enabled mills to maintain higher price realizations despite the mixed demand environment.

Overall, the market trend reflects a supply- and cost-driven price increase, with geopolitical developments, input cost movements, and logistics factors expected to remain key variables influencing near-term price direction.

Price update

Benchmark assessment for GP coil (exy-Mumbai, India; 0.8mm / CTL, 120 GSM, IS 277) was assessed at INR 81,000/t ($875/t), up by INR 400/t ($4/t) w-o-w. Tradable ranges were reported at INR 80,500-81,500/t ($869-880/t), supported by continued tight availability and firm mill offers.

PPGI (exy-Mumbai, India; 0.5mm / CTL, 90 GSM, IS 14246) was assessed at INR 88,400/t ($955/t), up by INR 1,600/t ($17/t), w-o-w. Market offer ranges were heard at INR 87,000-89,000/t ($939/t), with mills maintaining pricing discipline amid controlled supply.

Galvalume/BGL (exy-Mumbai, India; 0.5mm / CTL, 1220mm, AZ150) was assessed at INR 91,000/t ($983/t), up by INR 1,400/t ($15/t), w-o-w. Indicative market offers were reported in the range of INR 90,500-91,500/t ($977-988/t).

Overall, prices moved up across segments on the back of firm mill offers and limited availability, while demand conditions remained regionally mixed.

Hot-dip galvanised iron (HDGI) export offers remained stable w-o-w at $770/t as of 09 April 2026, with market activity indicating cautious buying interest alongside firm mill pricing.

Market update

Trading activity in the coated flat steel segment remained largely need-based across regions during the assessment period, following the recent price increases announced by mills. Buying interest was primarily limited to immediate requirements, with participants showing resistance to higher price levels and closely evaluating booking positions.

Regional trends remained mixed. While most markets continued to report cautious enquiry levels, some participants in the western region indicated a marginal improvement in enquiries and conversions. However, this uptick remained selective and has not translated into a broader improvement in market activity.

Market feedback suggests that mills have maintained firm offer levels with limited negotiation room, resulting in a narrower tradable range across key markets. Participants noted that booking cycles have shortened, with buyers preferring staggered procurement over bulk commitments at current price levels.

Overall sentiment remains balanced. While current price levels are being sustained, uncertainty linked to geopolitical developments continues to influence buyer positioning. As highlighted by a market participant, "prices may move up further; however, geopolitical tensions could shift market sentiment in either direction."

Raw material prices

India's zinc ingot (99.995%) prices increased by INR 14,000/t w-o-w to INR 3,42,000/t ex-Delhi on 7 April, supported by stronger global cues and firm domestic sentiment. The uptrend followed a price hike by Hindustan Zinc Limited (HZL), which raised offers by INR 10,500/t to INR 3,40,000/t ex-Chanderiya. LME zinc futures also rose by $137/t w-o-w to $3,323/t, supporting the domestic market.

Steelmakers increased HRC and CRC list prices by INR 1,0003,500/t for early April. HRC prices were reported at INR 58,05061,000/t ex-Mumbai, while CRC stood at INR 65,40068,250/t.

BigMint's HRC benchmark rose by INR 400/t w-o-w to INR 59,900/t, while CRC increased by INR 500/t to INR 67,500/t as of 7 April (ex-Mumbai, excluding GST).

Overall, the uptrend remains supported by higher input costs, while market activity continues to be driven by immediate requirements.

Outlook

The recent price increases are likely to keep buying activity restricted to essential volumes in the near term, as market participants adjust to higher price levels. This may lead to slower transaction cycles, particularly in regions where demand recovery remains weak.

At the same time, continued supply tightness is expected to limit any immediate downside risk, keeping prices range-bound to firm. Mills are likely to maintain offer discipline, which could result in further incremental increases if current conditions persist.

Regional demand divergence may widen, with relatively better-performing markets showing some traction while others continue to lag, impacting overall consumption patterns.

Geopolitical uncertainty remains a key risk factor, with the potential to influence market sentiment abruptly, either supporting prices further or triggering cautious behaviour across the value chain.