India: Coated flat steel prices firm up following mills’ upward revisions

• Coated steel prices inch up as producers hike of producer-led hikes
• Consumer sentiment stable, cautious buying persists

The Indian coated steel market, particularly GP (galvanised plain) and PPGI (pre-painted galvanised iron), has witnessed a positive shift in price trends moving into August 2025. Market chatter is that a price hike across coated product categories is likely, driven by anticipated demand recovery and confidence in near-term consumption.

The latest weekly assessment on 31 July showed galvanised plain (GP) coil (0.8 mm/CTL, 120 gsm, IS277) prices at INR 62,000/t ($708/t) exy-Mumbai, up INR 500/t ($6/t) w-o-w, with offers ranging between INR 61,500 -62,500/t ($702-714/t).

Meanwhile, pre-painted galvanised (PPGI) (0.5 mm/CTL, 90 gsm, IS14246) was assessed at INR 72,700/t ($830/t) exy-Mumbai, with offers hovering between INR 72,000-73,500/t ($821-839/t). Prices are exclusive of 18% GST. (USD 1 = INR 87.6030) (INR 1 = USD 0.0114151)

Positive price momentum in GP/PPGI market 

Market participants have described the sentiment as “positive to stable”, with expectations that if demand picks up, prices may rise further through August. A domestic producer noted, “The market seems quite stable now, but there’s optimism that prices could climb if inquiries pick up post monsoon disruptions”.

In response to this outlook, several major mills have already increased their offer prices for GP and PPGI, attempting to get ahead of the expected improvement in demand from infrastructure, white goods, and automotive segments.

Production trend

India’s coated steel production continued its strong upward trajectory in June, reaching 1.25 mnt compared to 1.10 mnt in the same month last year – marking a robust y-o-y growth of 13.6%. Overall, production during the first half of 2025 (January-June) stood at 7.19 mnt, significantly higher than 6.70 mnt recorded in H1 2024, reflecting an impressive y-o-y growth of nearly 7.4%. This surge underscores healthy mill performance and growing demand visibility across key user industries.

Outlook

The combination of rising mill offers and strong production throughput hints at a potential demand revival, especially in Q3 FY’26. However, real-time pickup will depend on post-monsoon demand normalisation and liquidity concerns easing in end-user sectors.