- Limited material supply, elevated input costs lift prices
- Improved demand supports further price increases
India’s coated flat steel prices increased by around INR 500-1,600/tonne (t) during the week ended 10 September 2026, following further price hikes announced by major domestic steel mills at the start of September 02 2026. The latest increase, in the range of INR 1000-2500/t , was primarily driven by higher mill offers, as producers raised coated steel prices amid elevated input costs.
Market demand has also improved compared with the previous week, supporting the upward price movement. Buyers have become relatively more active, although purchasing remains focused largely on immediate requirements. The combination of higher mill offers and improving demand has enabled the increase to gradually pass through to the spot market.
Overall, coated flat steel prices have moved higher, supported mainly by mill-led price revisions, while improving demand has provided additional support to market prices. Further price movement will depend on the direction of mill offers and the sustainability of demand in the coming weeks.
Price Update:
BigMint’s benchmark assessment for Mumbai Galvanized Plain (GP) coil (0.8 mm/CTL, 120 GSM, IS 277) increased by INR 1,600/t w-o-w to INR 79,800/t ex-Mumbai.
Meanwhile, Mumbai Pre-painted galvanized iron (PPGI) (0.5 mm/CTL, 90 GSM, IS 14246) was assessed at INR 87,300/t ex-Mumbai, increasing by INR 300/t w-o-w.
Mumbai Galvalume (BGL) (0.5 mm/CTL, 1220 mm, AZ150) was assessed at INR 90,000/t ex-Mumbai, remaining firm w-o-w.
Raw Material Prices Update
India’s zinc ingot (99.995%) prices continued their upward momentum, with BigMint’s benchmark assessment rising to INR 428,400/t ex-Delhi. The increase was supported by Hindustan Zinc Ltd’s (HZL) latest price hike and sustained strength in international zinc markets, where LME cash prices crossed $4,100/t.
BigMint’s bi-weekly benchmark assessment for Hot Rolled Coil (HRC) (IS2062, Grade E250, 2.5-8 mm/CTL) stood at INR 61,700/t ($648/t) ex-Mumbai as of 8 September 2026, down by INR 300/t w-o-w.
Meanwhile, the benchmark assessment for cold-rolled coil (CRC) prices (IS513, Grade O, 0.9 mm/CTL) increased by INR 1,300/t ($13/t) w-o-w to INR 71,800/t ($754/t) ex-Mumbai as of 8 September 2026, compared with INR 70,500/t ($741/t) in the previous week. All prices are exclusive of 18% GST.
Market updates
India’s coated flat steel market witnessed an improvement in demand across major markets over the past few days, with trading activity and enquiries picking up. Buying interest strengthened, as market participants reported increased requirement-based purchases. The positive demand trend is expected to continue in the near term, providing further support to market prices.
Meanwhile, supplies from major domestic mills have remained relatively low, keeping spot-market availability constrained. Market inventory levels are estimated at around 60-70% of normal levels, indicating relatively lean stocks across the distribution chain. The combination of improving demand, lower mill supplies, and moderate inventory levels has strengthened market sentiment.
Market participants anticipate coated flat steel prices could increase by a further INR 1,000-2,000/t in the coming days, subject to continued improvement in demand and sustained mill pricing.
Outlook
In the near term, India’s coated flats market is likely to retain its positive bias, with improving consumption and limited availability providing room for further price firming. However, the pace of gains will depend on whether demand remains sustained and mills continue to hold firm on offers.
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