- Coated flats’ supply improves, raw material costs fall
- Sellers focus on liquidating existing inventories
Indian galvanised plain (GP) and pre-painted galvanised iron (PPGI) coated flat steel prices continued to face downward pressure during the week ending 23 April 2026. Prices fell w-o-w, and market sentiment remained bearish, with buyers largely restricting purchases to immediate requirements and showing little inclination towards fresh inventory building.
Price updates
Galvanised plain (GP) coil (exy-Mumbai, India; 0.8mm/CTL, 120 GSM, IS 277) was assessed at INR 79,700/t ($/t) on 23 April 2026, down by INR 1,200/t w-o-w. Tradable ranges were heard at INR 79,500-80,500/t, reflecting bearish market sentiment.
Pre-painted galvanised iron (PPGI) (exy-Mumbai, India; 0.5mm/CTL, 90 GSM, IS 14246) prices edged down by INR 400/t w-o-w to INR 88,000/t ($/t), with offers at INR 87,000-89,000/t. Mills continued to hold firm on pricing, though demand remained largely need-based with no meaningful pickup in buying activity.
Galvalume/bare galvalume (BGL) (exy-Mumbai, India; 0.5mm/CTL, 1220mm, AZ150) was assessed at INR 90,000/t ($/t), down by INR 200/t w-o-w. Offers were indicated in the range of INR 80,500-90,500/t.
No firm export offers for hot-dip galvanised iron (HDGI) were heard this week.
Raw material prices
India’s zinc ingot (99.995%) prices increased by INR 7,000/t w-o-w to INR 350,000/t ex-Delhi on 21 April, compared with INR 343,000/t a week earlier, supported by producer price hikes and marginally firmer global cues. The increase was largely driven by a price revision by Hindustan Zinc Limited (HZL), which raised offers by INR 15,900/t to INR 358,600/t ex-Chanderiya on 20 April, compared with INR 342,700/t on 13 April.
While zinc prices have risen during the period, the impact on overall coated flat steel costs has been relatively limited. The more significant driver has been the correction in base raw materials. Prices of hot-rolled coils (HRCs) and cold-rolled coils (CRCs), which form the primary cost component in coated flat steel production, fell significantly w-o-w.
BigMint’s bi-weekly benchmark assessment for HRC (IS2062, Gr E250, 2.5-8 mm/CTL) eased by INR 400/t ($4/t) w-o-w to INR 58,900/t ($630/t) as of 21 April, compared to INR 59,300/t ($643/t) on 14 April.
Similarly, CRC (IS513, Gr O, 0.9 mm/CTL) prices were assessed at INR 66,000/t ($706/t) on 21 April, marking a w-o-w decrease of INR 900/t ($10/t) from INR 66,900/t ($716/t) last week. These assessments are ex-Mumbai for the distributor-to-dealer segment and exclude 18% GST.
Market update
Sentiment across the coated flat steel market activity remained largely subdued during the week, with demand in major regions continuing to soften and trading activity broadly confined to need-based purchases. This led to a notable shift in market dynamics.
Earlier, supply constraints had been the dominant narrative, driving prices higher as buyers competed for limited availability. That picture has now changed considerably; supply tightness has eased, removing the key upward catalyst that had supported prices in the preceding period.
Adding to the downward pressure, upstream raw material costs have also corrected. HRC and CRC prices moved lower, feeding through to a softer cost base for coated flat steel producers and contributing to the downtrend in finished product prices.
A seller noted, “We are increasingly focused on liquidating existing inventory and finished goods stock.” Distress selling has emerged as an added headwind weighing on prices.
Overall, the coated flat steel market remains under pressure, shaped by weak regional demand, inventory reduction activity, and a distinctly risk-averse buyer stance.
Outlook
Coated flat steel prices are likely to face a mild downward correction in the coming week, as demand continues to stay weak and largely need-based. Looking ahead, market direction will hinge on upcoming mill pricing cues and whether end-user demand gathers sufficient momentum to support a meaningful recovery.
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