- Moderate trading activity across all regions
- Demand expected to improve by month-end
Indian coated flat steel prices increased as per the latest assessment as of 18 December, with galvanised plain coil (GP), pre-painted galvanised iron (PPGI) and bare galvalume (BGL) assessments inching up amid mixed market signals and moderate buying interest, while market participants report cautious restocking activity. The modest uptick in assessed prices appears to be influenced more by market sentiment, than by fundamentals.
As per the latest assessment on Thursday, GP coils (0.8 mm/CTL, 120 gsm, IS 277) were assessed at INR 60,800/t ($674/t) exy-Mumbai, up by INR 200/t ($2/t) w-o-w, with offers being heard in the INR 60,500-61,000/t ($670-676/t) range.
Galvalume (0.5 mm/CTL, 1220 mm, AZ150, IS 15961) was assessed at INR 74,800/t ($829) exy-Mumbai, up INR 300/t ($3/t) w-o-w, with offers reported in the INR 74,000-75,500/t ($820-837/t) range.
Meanwhile, PPGI (0.5 mm/CTL, 90 gsm, IS 14246) was assessed at INR 69,400/t ($769/t) ex-Mumbai, up INR 100/t ($1/t) w-o-w, with offers reported in the INR 69,000-69,500/t ($765-771/t) range. Prices are exclusive of 18% GST.
Market Update
North: Prices remained largely steady in the northern region, with moderate trading activity reported in the market. Demand continues to be primarily need-based, and while transactions are ongoing, participants indicated that a meaningful improvement in demand is still awaited in the near term.
West: Despite price increases implemented last week and expectations of further hikes, market sentiment in the western region remained weak and has not improved significantly. One participant noted, “In spite of the recent increase and further expected hikes, market sentiments are still weak.” However, some participants believe the market could turn positive in the coming weeks of December. Another participant Informed that “quiet demand is present, but clarity will emerge over the next two to three days.”
South: Demand in the southern region stayed at moderate levels, with inquiries reported but limited conversion into volumes. Market sentiment remained mixed, as some participants described demand as quite slow, while others noted some buying interest. A few participants informed BigMint that demand could improve toward the end of December, lending a cautiously optimistic outlook for the region.
Outlook:
The coated flat steel market has recorded a mild price rise in mid-December, largely driven by sentiment and cautious restocking rather than a clear improvement in underlying demand. Buying interest across regions remains selective and need-based, with overall trade activity at moderate levels and mixed regional cues. While market conditions have yet to show a decisive turnaround, participants expect sentiment to gradually improve toward the end of December. Looking ahead, speculation around further Looking ahead, speculation of a possible mill-led price hike in January, is expected to keep market sentiment supported in the near term, even as demand recovery is expected to be gradual rather than immediate.
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