India: Coated steel trade muted, offtake seen improving after festive season

• Festive disruptions keep coated steel trade muted across regions
• Market outlook steady, recovery likely after early September

The Indian coated flat steel market remained stable w-o-w as of 28 August 2025, with sentiment remaining steady amid festive season. Market participants said that labour shortages during Ganesh Chaturthi have slowed overall movement, keeping spot trade limited.

The latest weekly assessment on 28 August showed galvanised plain (GP) coil (0.8 mm/CTL, 120 gsm, IS277) prices at INR 62,500/tonne (t) ($713/t) exy-Mumbai, with offers ranging between INR 62,000-63,000/t ($708-720/t).

Meanwhile, pre-painted galvanised (PPGI) (0.5 mm/CTL, 90 gsm, IS14246) was assessed at INR 74,000/t ($845/t) exy-Mumbai, with offers hovering between INR 73,500-74,500/t ($839-850/t). Prices are exclusive of 18% GST. (USD 1 = INR 87.5992) (INR 1 = USD 0.011415628)

Market updates

Trading activity was assessed as subdued, with sentiment described as slow to steady. Market participants said labour shortages and logistical constraints due to Ganesh Chaturthi kept movement limited, while demand recovery is expected post-festive season amid weak end-user offtake.

In the north, market participants noted that demand continues to remain on the slower side, though compared with the same period last year, conditions have not been as harsh. Sources highlighted that buying activity is present but largely limited, with overall trade sentiment is still cautious.

In the west, distributors observed that no significant improvement has been seen so far. Buyers are said to be hesitant in committing to bulk purchases, keeping overall sentiment weak and preventing any notable pickup in spot activity.

In the south, participants reported that the market remains sluggish, with demand largely absent across major consuming segments. They added that while inquiries were steady, limited spot buying and cautious procurement kept overall activity subdued.

Outlook:

The Indian coated flat steel market is expected to remain rangebound in the near term, with limited spot activity persisting due to cautious buying and festive slowdowns. A clearer demand recovery is anticipated post-September once seasonal constraints ease and offtake from key end-user sectors improves.