- GP prices down, PPGI stable across regions
- Mills roll over prices for current month
India’s coated flat steel market continues to face pressure as demand remains sluggish and trading activity slows, weighed down by the monsoon season and limited restocking. Although prices remained broadly steady this week, the market tone is clearly weakening. Amid these headwinds, major mills have chosen to roll over their list prices for July, opting to maintain current levels rather than announcing reductions.
The latest weekly assessment on 3 July showed GP (0.8 mm/CTL, 120 gsm, IS277) prices at INR 63,800/t ($746 /t) exy-Mumbai, down INR 700/t ( $8/t) w-o-w, with offers ranging between INR 63,300-64,300/t ( $740-752/t).
Meanwhile, PPGI (0.5 mm/CTL, 90 gsm, IS14246) was assessed at INR 73,900/t ($863.8 /t) exy-Mumbai, with offers hovering between INR 73,500-74,500/t ( $860-871/t). Prices are exclusive of 18% GST. (USD 1 = INR 85.3892) (INR 1 = USD 0.01169673)
Market update:
Bearish undertone deepens as mills hold prices steady
Despite a weakening demand environment, mills have refrained from cutting list prices, instead rolling them over for the current month. However, actual transactional prices continue to soften in the spot market as buyers push back against prevailing levels.
Demand for GP coils has clearly weakened, pushing prices lower, while PPGI has remained relatively stable with only minor adjustments across different regions,” said a distributor based in western India.
Although previous supply disruptions had offered some support, availability has now improved. However, this has not spurred any notable pick-up in trade.
Distributors across key markets reported subdued activity, with limited interest from downstream sectors such as appliances, construction, and infrastructure. “Overall, the market remains quiet, with no major demand triggers in sight,” a northern India-based trader added.
Outlook
Looking ahead, coated flat steel prices are expected to remain under pressure amid a combination of tepid end-user demand and monsoon-related disruptions. Unless there is a revival in restocking or a shift in mill pricing strategy, further downside in spot prices cannot be ruled out.
Market participants are closely watching for any intervention by mills through price adjustments or controlled supply to stabilise the market. However, in the absence of stronger demand signals, sentiment is likely to stay bearish through the month.
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