India: Coated steel prices ease amid weak demand; market awaits demand recovery

• Mills maintain firm pricing despite slow demand
  
  
• Inventory levels remain above normal market range
  
  

The Indian coated flat steel market remained under pressure during the assessment period, with prices declining by INR 500-600/t across major markets amid subdued demand from key consuming sectors. Buying activity for galvanised products continued to remain weak, as most customers restricted procurement to immediate requirements due to cautious market sentiment.

Price Update:

Galvanised Plain (GP) coil (exy-Mumbai, India; 0.8mm / CTL, 120 GSM, IS 277) was assessed at INR 75,300/t, down by INR 500/t w-o-w, as subdued demand and cautious procurement continued to weigh on the market. Buying remained largely need-based, with market participants reporting weak trading activity.

Pre-painted Galvanised Iron (PPGI) (exy-Mumbai, India; 0.5mm / CTL, 90 GSM, IS 14246) was assessed at INR 85,200/t, stable w-o-w. Demand continued to receive support from roofing and infrastructure-related consumption, although overall booking activity remained moderate as buyers maintained a cautious stance.

Galvalume/Bare Galvalume (BGL) (exy-Mumbai, India; 0.5mm / CTL, 1220mm, AZ150) was assessed at INR 90,000/t, down by INR 500/t w-o-w. Despite continued tight availability of thinner gauges, weak buying sentiment and overall sluggish market activity exerted downward pressure on prices.

Raw material prices

India's zinc ingot (99.995%) prices declined by INR 3,300/t w-o-w to INR 373,000/t ex-Delhi on 16 June 2026, according to BigMint's assessment. The decline was driven by softer producer pricing, weaker London Metal Exchange (LME) trends, and continued cautious buying from galvanisers and alloy manufacturers. Market participants largely restricted procurement to immediate requirements amid subdued downstream consumption and limited visibility on demand recovery.

BigMint's bi-weekly benchmark assessment for HRC (IS2062, Gr E250, 2.5-8 mm/CTL) in Mumbai remained unchanged w-o-w at INR 58,300/t ($617/t) as of 16 June 2026, reflecting a largely range-bound domestic flat steel market. Likewise, the benchmark assessment for CRC (IS513, Gr O, 0.9 mm/CTL) was steady at INR 65,200/t ($690/t) over the same period. Both assessments are ex-Mumbai and exclude 18% GST.

Market Updates

The Indian coated flat steel market remained subdued during the assessment period as weak end-user demand continued to weigh on overall trading activity. Buyers largely restricted procurement to immediate requirements, while mills maintained firm pricing, limiting the scope for fresh bookings and keeping market liquidity muted.

Market sentiment remained cautious, with participants continuing to adopt a wait-and-watch approach amid slow downstream consumption.

Inventory levels across the supply chain remained relatively high at around 1.5 months, compared with the normal holding period of 20-25 days, reflecting slower material offtake. Overall, while the market continued to face pressure from subdued demand and cautious buying behaviour, expectations of improved consumption in the coming weeks have provided a more positive outlook for the near term.

Outlook

The Indian coated flat steel market is expected to remain range-bound in the near term. With mills showing no inclination to offer price support and buyers continuing to procure on a need basis, trading activity is likely to remain cautious. However, market participants remain hopeful that demand will gradually improve in the coming weeks, which could provide some support to market sentiment.