- Mills testing higher prices, trade cautious
- Market activity to resume post-festive
Indian coated flat steel prices rose slightly on 15 January, according to BigMint assessments, as trading activity rose in the coated steel segment. While overall buying remained cautious, selective restocking and trade inquiries continued, as participants closely monitored how the market responds to the revised prices. Market sentiment is being shaped by the attempts of mills to test the acceptance of higher price levels, and clarity on sustained demand is expected once trading picks up in the coming days.
GP prices saw limited upward movement, supported by selective buying and the lingering impact of earlier mill price hikes, indicating a modest improvement in demand sentiment.
PPGI prices also recorded a marginal uptick; however, momentum remained slow as subdued end-user demand and cautious trade activity capped any significant upside.
As per the latest assessment as on 15 January 2026, GP coil (0.8 mm/CTL, 120 gsm, IS 277) was assessed at INR 65,800/t ($728/t) exy-Mumbai, up by INR 400/t ($4/t) w-o-w. Market offers were largely heard in the range of INR 65,000–66,500/t ($720–725/t).
Galvalume (0.5 mm/CTL, 1,220 mm, AZ150, IS 15961) was assessed at INR 76,500/t ($847/t) exy-Mumbai, stable w-o-w, with market offers largely heard in the range of INR 76,000–77,000/t ($841–852/t).
Meanwhile, PPGI (0.5 mm/CTL, 90 gsm, IS 14246) was assessed at INR 73,800/t ($817/t) ex-Mumbai, up by INR 300/t ($3/t) w-o-w, with offers heard in the range of INR 73,000–74,500/t ($808–825/t). Prices are exclusive of 18% GST.
Market Update
West:
Market sentiment in the western region remained mixed. While some participants indicated that demand continues to be slow, others reported buying activity to be in an acceptable range. Overall, the market lacked clear direction, with cautious trade behaviour prevailing amid recent price increases, and participants expect a clearer indication of demand trends only after this week.
North:
Trading activity in the northern region was described as relatively better compared with previous days; however, actual demand remained weak. Market participants noted that recent mill-side price hikes have not translated into higher realised prices due to the absence of end-user demand. There are expectations that these increases may eventually be offset through rebates. Participants remain hopeful that demand could improve in the coming days.
South:
Demand in the southern region remained present; however, market activity was partially impacted by the ongoing festive season. Participants indicated that the market is expected to resume normal operations from Monday, which could provide better clarity on demand and pricing trends.
Outlook:
Indian coated flat steel markets remained largely firm, with overall demand across regions showing some activity. Market participants indicated that buying is cautious, with many waiting for normal trade to resume after the festive season. Activity is expected to pick up later this week, which should provide a clearer picture of market sentiment and participation.
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