- Mixed demand across major markets
- September mill hikes reach INR 3,500–5,000/t
India’s coated flat steel trade-level prices increased by around INR 100–800/t w-o-w across major coated products and markets, as per BigMint’s latest assessment on 1 October 2026.
The price increase indicates expectations of further price hikes in the coated flat steel market during October. However, buying activity remains measured, with market participants largely purchasing according to immediate requirements.
Overall, coated flat steel prices have moved higher w-o-w, with the latest increase signalling further upside in market prices in October.
Price Update:
BigMint’s benchmark assessment for Mumbai Galvanized Plain (GP) coil (0.8 mm/CTL, 120 GSM, IS 277) remained stable w-o-w at INR 83,000/t ex-Mumbai as of 1 October 2026, unchanged from INR 83,000/t on 25 September 2026.
Mumbai Pre-painted galvanized iron (PPGI) (0.5 mm/CTL, 90 GSM, IS 14246) was assessed at INR 89,300/t ex-Mumbai as of 1 October 2026, remaining unchanged w-o-w from INR 89,300/t on 25 September 2026.
Meanwhile, Mumbai Galvalume (BGL) (0.5 mm/CTL, 1220 mm, AZ150) was assessed at INR 92,600/t ex-Mumbai as of 1 October 2026, up by INR 100/t w-o-w from INR 92,500/t on 25 September 2026.
Raw material Prices:
India’s zinc ingot (99.995%) prices remained stable w-o-w, with BigMint’s benchmark assessment at INR 435,000/t ex-Delhi as of 30 September 2026, unchanged from INR 435,000/t in the previous assessment on 24 September 2026.
BigMint’s bi-weekly benchmark assessment for Mumbai HRC (2.5-8 mm/CTL, IS 2062, Grade E250 BR) remained unchanged w-o-w at INR 63,900/t ex-Mumbai as of 29 September 2026.
Meanwhile, Mumbai CRC (0.90 mm/CTL, IS 513, CR1) was assessed at INR 74,000/t ex-Mumbai, up by INR 300/t w-o-w from INR 73,700/t in the previous assessment.
Market Update:
India’s coated flat steel market remained mixed this week, with some markets reporting healthy order bookings, while demand remained relatively lower in others. The mixed demand conditions were reflected in the latest market assessments.
Coated steel inventories remain at comfortable levels across major markets, indicating adequate material availability. However, expectations of further price increases have kept dealers and distributors cautious in their buying decisions, with most continuing to purchase based on immediate requirements.
Major domestic mills have increased coated steel prices by around INR 3,500–5,000/t during September. Market participants are now closely monitoring mill pricing for further increases, which could influence coated flat steel prices in the coming weeks.
Outlook
The sharp increase in coated steel prices during September is likely to set a higher starting point for October negotiations. With major mills having already raised prices by around INR 3,500–5,000/t during the month, market participants are now assessing how much of the expected increase can be absorbed by the trade.
Market sources indicate that coated flat steel prices could rise by around INR 1,500–2,000/t during October. If mills implement these increases, distributors and dealers may gradually revise their offer levels, particularly for products where availability remains tighter.
At the same time, comfortable inventories and uneven order bookings could limit the pace at which higher prices translate into actual transactions. Buyers are therefore likely to remain selective, while any improvement in downstream demand could provide additional room for price increases.
Overall, October prices are likely to remain closely linked to mill pricing decisions, demand conversion and the ability of the market to absorb higher offer levels.
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