- Brief post-festive improvement seen earlier fades
- Participants expect weak trend to continue till Dec’25
Indian coated flat steel prices declined this week, reversing the gains seen in the previous week. Prices of galvanised plain (GP), pre-painted galvanised iron (PPGI), and galvalume coils fell amid sluggish buying. Demand remains weak, with market participants noting that signs of recovery are yet to be seen. Overall sentiment was cautious as buyers continued to adopt a wait-and-watch approach.
As per the latest assessment on 13 November, GP coils (0.8 mm/CTL, 120 gsm, IS277) were at INR 60,000/t ($676/t) exy-Mumbai, down by INR 400/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 76,000/t ($772/t) exy-Mumbai, stable w-o-w, with offers heard in the range of INR 75,500-76,500/t (851-862$/t).
Meanwhile, PPGI (0.5 mm/CTL, 90 gsm, IS14246) was assessed at INR 68,500/t ($857/t) exy-Mumbai, down by INR 600/t w-o-w, with offers ranging between INR 68,000-70,000/t ($766-789/t). Prices are exclusive of 18% GST. (USD 1 = INR 0.0112679; INR 1 = 88.7479 USD)
Market update
The brief post-festive improvement seen earlier has faded, and participants now expect the market to remain under pressure in the near term. Global cues from the US and EU markets also remained negative, adding to bearish sentiment domestically.
North
Prices in the northern region dropped further this week amid a lack of major bookings and weak trade activity. Market participants highlighted that there were no visible signs of demand recovery, and sentiment remained bearish for the coming weeks.
West
The western market witnessed another week of muted demand, with minimal trade movement and almost no major bookings seen. Both GP and PPGI segments saw limited inquiries, and participants believe the market is unlikely to see any improvement soon. Weak cues from overseas markets also added pressure, with downside risks persisting.
South
The southern market remained subdued, with negligible activity and muted demand. Participants expect the weak trend to continue at least until the first week of December, as end-user buying remained stagnant.
Outlook
The coated flat steel market is expected to remain under pressure in the coming weeks as weak retail demand and limited trade activity persist across all major regions. Despite stable infrastructure-linked offtake, overall buying sentiment remains muted, with participants continuing to adopt a wait-and-watch approach. Global bearish cues from the US and EU markets are likely to weigh on domestic prices, while mills may opt for cautious pricing amid subdued inquiries. Any recovery is unlikely before early December, with sentiment expected to remain weak unless end-user demand improves or trade participants return with fresh bookings.
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