- Prices show modest weekly decline across markets
- Regional demand remains weak due to slowed activity
Indian coated flat steel prices registered a w-o-w decline, with GP and BGL prices falling while PPGI prices remained mostly unchanged amid muted spot demand. Market participants reported sluggish buying interest, noting that trade volumes stayed limited as end-users continued to defer bookings. Mills have largely rolled over their list prices, and the absence of concrete recovery signals or discount clarity kept overall sentiment cautious and transactional activity subdued.
As per latest assessment on 04 December, GP coils (0.8 mm/CTL, 120 gsm, IS 277) were at INR 59,700/t ($664/t) ex-Mumbai, down INR 200/t w-o-w, with offers in the INR 59,500-60,500/t ($662-673/t) range.
Galvalume (0.5 mm/CTL, 1220 mm, AZ150, IS 15961) was assessed at INR 74,000/t ($823/t) ex-Mumbai, down INR 500/t w-o-w, with offers at INR 73,500-74,500/t ($817-829/t).
Meanwhile, PPGI (0.5 mm/CTL, 90 gsm, IS 14246) was assessed at INR 68,300/t ($760/t) ex-Mumbai, down INR 200/t w-o-w, with offers in the INR 68,000-69,000/t ($757-768/t) range. Prices are exclusive of 18% GST. (USD 1 = INR 0.011129; INR 1 = 89.8555 USD)
Market Update
North: Market sentiment remained weak, with no major demand visible. Buyers are holding back purchases as end-user demand continues to show persistent weakness. Participants noted that the market is waiting for clearer signs of recovery before any meaningful booking activity resumes.
West: Booking activity stayed limited despite mills revising prices for December. Traders reported that overall demand remains questionable, with buyers largely refraining from bulk procurement amid uncertain market direction.
South: Demand in the southern region stayed weak, further impacted by ongoing rainfall, which has slowed construction activity and restricted buying. Market participants highlighted that purchasing remains need-based, with no signs of improvement yet.
Outlook
Coated steel prices are expected to remain under pressure in the near term amid weak demand and predominantly need-based procurement however mills have roll over the prices for December, market participants noted that the adjustment has not translated into improved booking activity, with overall sentiment staying cautious. In the absence of stronger end-user enquiries or visible recovery cues, coated prices are likely to remain rangebound with a slight downward bias in the coming days.
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