- Trading activity remains firm across markets
- Export offers remain steady
India’s coated flat steel market witnessed an increase in prices during the week ended 6 August 2026, with offers rising by INR 700-1,500/t w-o-w following the price hikes announced by major primary mills. The increase in mill list prices was reflected across the spot market as traders revised their offers accordingly. However, market fundamentals remained largely unchanged, with demand continuing to be strictly need-based and buying activity limited to immediate requirements. Trade sentiment remained cautious, as buyers refrained from placing large-volume orders despite the higher offers, awaiting better demand visibility. Overall, the price increase was driven by mill-led revisions rather than any meaningful improvement in underlying market demand.
Price Update:
BigMint’s benchmark assessment for Mumbai GP coil (0.8 mm/CTL, 120 GSM, IS 277) increased by INR 1,500/t w-o-w to INR 75,000/t ex-Mumbai, following the price hikes announced by major primary mills, which were reflected in the spot market.
Meanwhile, Mumbai PPGI (0.5 mm/CTL, 90 GSM, IS 14246) was assessed at INR 85,000/t, up INR 900/t w-o-w from INR 84,100/t, as higher mill prices prompted traders to revise their offers despite demand remaining largely need-based.
Mumbai BGL (0.5 mm/CTL, 1220 mm, AZ150) was assessed at INR 90,000/t, up INR 100/t w-o-w from INR 89,900/t. The marginal increase was primarily driven by the pass-through of higher mill prices, while overall buying activity remained limited to immediate requirements.
Export offers
HDGI export offers remained stable w-o-w at around $795/t FOB Main Port, India. Export activity remained steady, with bookings estimated at approximately 25,000 t for August shipment. Market participants continued to adopt a cautious approach, with fresh enquiries remaining selective despite stable export pricing.
Raw material Prices:
India’s zinc ingot (99.995%) prices increased by INR 6,700/t w-o-w to INR 394,600/t ex-Delhi, according to BigMint’s assessment on 4 August 2026. The increase was driven by Hindustan Zinc Ltd.’s (HZL) latest benchmark price hike and firm London Metal Exchange (LME) zinc prices, while continued drawdowns in LME inventories provided additional support. 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) market strengthened slightly during the week, supported by the withdrawal of rebates by leading mills. Trade-level HRC offers were reported at INR 54,800-58,400/t ($575-614/t), while BigMint’s benchmark assessment for HRC (IS 2062, Grade E250, 2.5-8 mm/CTL) in Mumbai increased by INR 200/t w-o-w to INR 57,900/t ($608/t), ex-Mumbai, exclusive of 18% GST.
Similarly, BigMint’s benchmark assessment for CRC (IS 513, Grade O, 0.9 mm/CTL) increased by INR 100/t w-o-w to INR 65,000/t ($682/t), ex-Mumbai, exclusive of 18% GST, reflecting firmer domestic pricing following the withdrawal of rebates by major mills.
Market Update:
The Indian coated flat steel market remained cautious during the assessment period, despite prices increasing following the hikes announced by major primary mills. The revised mill prices were gradually reflected in spot market offers across major trading centres; however, the increase did not result in any meaningful improvement in overall trading activity. Buyers largely remained on the sidelines, limiting purchases to immediate consumption requirements while monitoring the market’s response to the higher price levels.
Market participants reported a brief uptick in enquiries at the beginning of the week following the price revision, but this momentum faded as the week progressed. Transaction volumes remained largely unchanged, with no significant improvement in order bookings across key markets. Distributors and traders also adopted a cautious approach, as downstream demand continued to remain subdued and end-user consumption showed little change from the previous week.
Overall, the recent price increase was primarily driven by mill-led revisions rather than an improvement in market fundamentals. Trade participants indicated that the sustainability of the higher price levels will depend on a gradual pickup in end-user demand in the coming weeks, while procurement is expected to remain largely need-based in the near term.
Outlook:
Coated flat steel prices are expected to remain firm in the near term, supported by recent mill price hikes and higher input costs. However, the success of these increases will depend on buyers’ acceptance over the coming weeks. If booking activity improves, mills are likely to sustain the revised price levels. Conversely, if demand from infrastructure, construction, and consumer durables remains weak, trade volumes may stay subdued and prices could stabilize at current levels rather than witness further gains.
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