- Spot enquiries remain limited across regions
- Competitive offers continue to weigh sentiment
Indian coated flat steel prices declined further by INR 300-1,000/t w-o-w as of 14 May 2026, amid continued weakness in domestic demand. Market activity slowed further, with lower enquiry levels and limited bookings reported across major consuming regions. Buyers continued to procure material only for immediate requirements, while cautious sentiment persisted in the trade. Moreover, labour shortages impacted downstream segments, curbing raw material demand.
Although expectations of price support from major mills were circulating in the market, no firm support measures have been announced so far. At the same time, ample inventory availability across the supply chain and competitive offers in the spot market continued to exert pressure on prices. Market participants expect demand to remain weak in the near term, keeping the overall sentiment bearish.
Price updates
Galvanised plain (GP) coil (exy-Mumbai, India; 0.8mm / CTL, 120 GSM, IS 277) was assessed at INR 77,500/t, down by INR 700/t w-o-w. Tradable offers were heard at INR 76,500-78,500/t, amid continued weak demand.
Pre-painted galvanised iron (PPGI) (exy-Mumbai, India; 0.5mm / CTL, 90 GSM, IS 14246) was assessed at INR 85,900/t, down by INR 100/t w-o-w. Offers were in the range of INR 85,500-86,500/t, with bookings remaining slow.
Galvalume/bare galvalume (BGL) (exy-Mumbai, India; 0.5mm / CTL, 1220mm, AZ150) was assessed at INR 89,300/t, up by INR 100/t w-o-w. Offers in were indicated in the range of INR 88,500-90,000/t, while trading activity remained moderate.
Raw material prices
India’s zinc ingot (99.995%) prices increased w-o-w by INR 8,900/t to INR 361,900/t ex-Delhi on 12 May 2026, supported by higher global prices and producer-led hikes, although downstream demand remained largely subdued. Market participants remained cautious, with procurement largely restricted to immediate requirements.
The domestic market continued to track Hindustan Zinc Limited (HZL), which increased its zinc ingot prices by INR 2,300/t on 11 May to INR 362,600/t, reflecting stronger alignment with the recent rally in LME zinc prices and improving global sentiment.
Trade-level prices of hot-rolled coils (HRC) across Indian markets were range-bound w-o-w on 12 May 2026 at INR 56,700-59,800/t ($593-625/t), while cold-rolled coil (CRC) prices were assessed at INR 61,500-68,000/t ($643-711/t).
BigMint’s bi-weekly benchmark assessment for HRCs (IS2062, Gr E250, 2.5-8 mm/CTL) increased by INR 1,000/t ($10/t) w-o-w to INR 58,700/t ($613/t) as of 12 May, compared to INR 57,700/t ($603/t) on 5 May.
Similarly, CRC (IS513, Gr O, 0.9 mm/CTL) prices were assessed at INR 65,500/t ($684/t) on 12 May, marking a w-o-w uptick of INR 400/t ($4/t) from INR 65,100/t ($680/t) a week ago. These assessments are ex-Mumbai for the distributor-to-dealer segment and exclude 18% GST.
Market update
Market sentiment across the northern, western, and southern flat steel markets remained mixed during the week, with demand conditions varying across product segments. Demand for coated flat steel products, particularly PPGI and colour-coated materials, remained slow amid cautious buying activity and limited fresh enquiries. However, some market participants indicated comparatively better movement in the CRC and GP segments in select regions.
Inventory levels for GP and PPGI were largely estimated at around 35-40 days across the supply chain, which continued to weigh on spot market activity and limited aggressive restocking by buyers. In addition, labour shortages persisted in certain regions, impacting downstream consumption and processing activity.
On the other hand, BGL prices witnessed a marginal rise in some regions due to relatively lower inventory availability and limited spot material in the market.
Outlook
Indian coated flat steel prices are expected to remain under pressure in the near term amid weak demand, slow bookings, and ample inventory availability across the supply chain. Buyers are likely to continue need-based procurement, while competitive spot offers may keep GP and PPGI prices subdued.
Labour shortages in certain regions may continue to impact downstream processing activity and consumption, as mobility and movement challenges are limiting the return of workers. This could further delay demand recovery across coated steel segments.
However, BGL prices may remain relatively supported due to tighter spot availability. Rising zinc and base steel prices could offer some cost-side support, although any meaningful market recovery will depend on improvement in overall demand conditions.
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