India: Coated flat steel market continues to soften amid sluggish demand

• Soft demand and cautious sentiment weigh on prices
• Regional activity uneven; market awaits clearer direction

Indian coated flat steel prices continued to show a downward trend this week. Prices of galvanised plain (GP) and pre-painted galvanised iron (PPGI) coils inched lower amid moderate activity. Some trade movement was seen post-Diwali, but overall sentiment remains cautious. Market participants expect clearer direction and sentiment to emerge in the first week of November.

As per the latest assessment on 30 October, GP coils (0.8 mm/CTL, 120 gsm, IS277) were at INR 60,000/t ($676/t) exy-Mumbai, down by INR 500/t w-o-w, with offers in the range of INR 59,500-60,500/t ($670-682/t).

Galvalume (0.5 mm/CTL, 1220 mm, AZ150, IS15961) stood at INR 75,750/t ($854/t) exy-Mumbai, up by INR 750/t w-o-w, with offers heard in the range of INR 75,500–76,000/t ($851-856/t).

Meanwhile, PPGI (0.5 mm/CTL, 90 gsm, IS14246) was assessed at INR 68,500/t ($772/t) exy-Mumbai, down by INR 500/t w-o-w, with offers ranging between INR 68,000-69,000/t ($766-778/t). Prices are exclusive of 18% GST. (USD 1 = INR 88.7373; INR 1 = USD 0. 0.0112692)

Market update

The coated flat steel market remained moderately active across regions, while overall sentiment stays cautious. Some trading activity was observed, indicating a slight pickup in market movement post-Diwali.

North: The coated steel market in the northern region continues to face sluggish conditions, with demand remaining slow and very limited trading activity observed during the week. Buyers are largely staying on the sidelines amid uncertainty over price direction and limited consumption from end-users. Overall market conditions are described as very poor, and participants expect the situation to improve only gradually once post-festive demand picks up, a source informed BigMint.

West: In the western region, the market condition is not encouraging, according to a source. While galvanised plain (GP) coils are witnessing some movement, pre-painted galvanised iron (PPGI) continues to see very limited sales. Traders are reporting moderate inquiries but remain cautious in booking new orders. Sources indicated that demand is likely to improve after mid-November, as buyers reassess inventories and mills stabilize prices.

South: The south Indian market continues to remain under pressure, with poor demand and weak trading activity dominating sentiment. Market participants are still waiting for clearer direction, as end-users remain hesitant to make fresh bookings. No major signs of demand revival are visible in the near term, and sources expect the market to stay subdued.

Outlook

The Indian coated flat steel market is expected to stay range-bound or may even weaken in the near term. Post-Diwali activity remains limited, with buyers cautious amid unclear price direction. GP coils saw some movement, while PPGI demand stays subdued. A clearer market trend is likely to emerge by mid-November.