- Spot prices remain below primary mill offers
- August pricing outlook shapes buyer sentiment
India’s coated flat steel market remained largely stable during the week ended 30 July 2026, with mixed price trends observed across product segments. GP prices remained stable w-o-w, while PPGI prices witnessed a marginal decline. In contrast, BGL prices edged up during the week, supported by improved trade sentiment. Overall market sentiment remained largely unchanged from the previous week, with demand continuing to be moderate and procurement largely need-based. However, trading activity showed slight improvement, as market participants reported better enquiries and relatively quicker material movement across key markets. Looking ahead, the trade expects major primary mills to announce a price increase of around INR 750-1,000/t in the coming weeks, driven by expectations of firmer base steel prices and improving market momentum. Despite the positive outlook, buyers largely remained cautious, awaiting official mill price announcements before committing to fresh bookings.
Price Update:
BigMint’s benchmark assessment for Mumbai GP coil (0.8 mm/CTL, 120 GSM, IS 277) remained stable w-o-w at INR 73,500/t ex-Mumbai, as balanced trade activity kept prices unchanged during the week.
Meanwhile, Mumbai PPGI (0.5 mm/CTL, 90 GSM, IS 14246) was assessed at INR 84,100/t, down INR 200/t w-o-w from INR 84,300/t, amid cautious buying interest and limited booking activity.
In contrast, Mumbai BGL (0.5 mm/CTL, 1220 mm, AZ150) was assessed at INR 89,900/t, up INR 400/t w-o-w from INR 89,500/t, supported by improved trade sentiment and firmer market expectations.
Export offers:
HDGI export offers remained stable w-o-w at $795/t FOB Main Port, India, as market participants continued to adopt a cautious approach despite a slight improvement in overall trade sentiment.
Raw material prices
India’s zinc ingot (99.995%) prices increased by INR 4,300/t w-o-w to INR 387,900/t ex-Delhi, according to BigMint’s latest assessment. The increase was driven primarily by Hindustan Zinc Ltd’s (HZL) latest benchmark price hike, while continued drawdowns in London Metal Exchange (LME) inventories lent additional support to global zinc fundamentals. However, downstream demand remained moderate, with galvanisers and alloy manufacturers continuing to procure largely on a need-based basis.
India’s hot-rolled coil (HRC) prices remained largely rangebound during the week, as balanced domestic market conditions and firm mill pricing offset cautious downstream sentiment. Procurement activity remained largely need-based, with buyers awaiting greater clarity on August pricing announcements from domestic mills.
Trade-level HRC offers were reported at INR 54,600-58,400/t ($570-610/t), while BigMint’s benchmark assessment for HRC (IS 2062, Grade E250, 2.5-8 mm/CTL) in Mumbai eased marginally by INR 100/t w-o-w to INR 57,700/t ($602/t), ex-Mumbai, exclusive of 18% GST.
Similarly, BigMint’s benchmark assessment for CRC (IS 513, Grade O, 0.9 mm/CTL) declined by INR 100/t w-o-w to INR 64,900/t ($678/t), ex-Mumbai, exclusive of 18% GST, reflecting cautious buying interest and continued need-based procurement.
Market update
The Indian coated flat steel market remained dull during the assessment period, with overall demand continuing to be weak across major trading regions. GP and PPGI prices largely remained at similar levels compared to the previous week, while Galvalume (BGL) prices increased by INR 400/t w-o-w due to lower material availability and market anticipation of higher prices in the coming weeks.
Trading activity witnessed a marginal improvement, with relatively better enquiries compared to the previous week. However, buying continued to remain largely need-based, as overall market sentiment remained cautious. Market participants informed BigMint that transaction prices in the spot market continue to trade below primary mill prices, primarily due to comfortable inventory levels across the distribution network and competitive selling by stockists.
Despite expectations of a possible price hike by major mills, trade participants believe the sustainability of any increase will depend on the pace of demand recovery, as high inventory levels and subdued end-user consumption continue to weigh on the market. Overall, procurement is expected to remain cautious until a meaningful improvement in demand is witnessed.
Outlook
The coated flat steel market is expected to remain range-bound in the near term, with participants closely monitoring domestic mills pricing decisions for August. While expectations of a price increase have strengthened, supported by firmer input costs and tighter availability in select coated products, actual transaction levels will continue to depend on the pace of demand recovery. Until buying activity improves meaningfully, distributors are likely to maintain a cautious procurement strategy and prioritize inventory liquidation. Any sustained upward movement in prices will require stronger end-user consumption and improved acceptance of higher mill offers across the trade.
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