- Demand remains largely consumption-driven
- Inventory levels remain comfortable across markets
India’s coated flat steel market remained under pressure during the week ended 23 July 2026, as subdued demand continued to dominate market activity. The market remained dull, with no major bookings reported across key trading centres amid weak buying interest. The ongoing monsoon season further slowed construction and infrastructure activity, weighing on steel consumption and limiting fresh procurement. Market participants continued to report limited enquiries and sluggish material movement, while the absence of any meaningful demand-side trigger kept overall market sentiment weak.
Price Update:
BigMint’s benchmark assessment for Mumbai GP coil (0.8 mm/CTL, 120 GSM, IS 277) was assessed at INR 73,500/t ex-Mumbai, down INR 400/t w-o-w from INR 73,900/t, amid weak demand and lower transaction levels.
Meanwhile, Mumbai PPGI (0.5 mm/CTL, 90 GSM, IS 14246) was assessed at INR 84,300/t, down INR 900/t w-o-w from INR 85,200/t, as sluggish buying interest and limited bookings continued to weigh on prices.
Similarly, Mumbai BGL (0.5 mm/CTL, 1220 mm, AZ150) remained stable w-o-w at INR 89,500/t, with subdued demand and muted booking activity keeping prices range-bound during the week.
Export offers:
HDGI export offers increased by $5/t w-o-w to $795/t FOB Main Port, India, amid improving market sentiment, although market participants continued to adopt a cautious approach.
Raw material prices
India’s zinc ingot (99.995%) prices increased by INR 1,600/t w-o-w to INR 383,600/t ex-Delhi, according to BigMint’s latest assessment. The increase followed Hindustan Zinc Ltd’s (HZL) latest benchmark price hike and was supported by a sharp decline in LME zinc inventories. However, downstream demand remained subdued, with galvanisers and alloy manufacturers continuing to procure largely on a need-based basis amid weak end-user demand.
BigMint’s bi-weekly benchmark assessment for HRC (IS 2062, Grade E250, 2.5-8 mm/CTL) stood at INR 57,900/t ($602/t) ex-Mumbai, exclusive of 18% GST, down INR 300/t w-o-w. Trade offers were heard in the range of INR 54,900-58,800/t ($571-611/t), reflecting continued pricing pressure amid weak spot demand and cautious buying sentiment. Meanwhile, CRC (IS 513, Grade O, 0.9 mm/CTL) remained largely stable, with market activity staying muted as buyers continued to limit purchases to immediate requirements.
Market update:
The Indian coated flat steel market remained subdued during the assessment period, with weak demand persisting across the western, northern and southern regions. The ongoing monsoon season further dampened construction and infrastructure activity, resulting in limited enquiries and sluggish transaction volumes. Buying continued to remain consumption-driven, with no major bookings reported across key markets.
Inventory levels remained comfortable at around 20-25 days, supported by adequate material availability across the supply chain. Stockists largely refrained from building fresh inventories, opting instead to procure only against immediate requirements amid the weak demand environment.
Despite the prevailing sluggishness, a few market participants informed BigMint that some domestic mills may consider price hikes from next month, supported by expectations of improved post-monsoon demand and efforts to protect margins. However, trade participants believe any upward price movement will largely depend on the pace of demand recovery, as current market fundamentals remain weak.
Looking ahead, market participants expect the subdued trend to continue in the near term, with monsoon-related disruptions likely to keep demand under pressure. Procurement is expected to remain need-based, while comfortable inventory levels and cautious buying are likely to keep overall trading activity muted until a meaningful improvement in end-user demand emerges.
Outlook:
The coated flat steel market is expected to remain subdued in the near term, with demand likely to recover only after the monsoon season. While expectations of potential mill price hikes may support sentiment, their success will depend on a sustained improvement in consumption. Until then, adequate material availability and need-based procurement are expected to keep trading activity and prices largely range-bound.
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