- Inventory availability remains high across markets
- Market awaits fresh coated steel mill prices
Indian coated flat steel prices declined further by INR 300-700/t w-o-w as of 28 May 2026, as sluggish market conditions and weak demand continued to weigh on the market. Trading activity across major consuming regions remained muted, with limited enquiries and slow booking activity reported during the assessment period. Buyers largely continued to procure material only for immediate requirements, reflecting cautious purchasing sentiment.
Ample inventory availability across the supply chain and competitive spot offers continued to pressure prices, while weak downstream consumption further impacted raw material demand. Market participants expect sluggish demand conditions and subdued sentiment to continue, keeping the overall market outlook bearish.
Price Update:
Galvanised plain (GP) coil (exy-Mumbai, India; 0.8mm / CTL, 120 GSM, IS 277) was assessed at INR 76,700/t, down by INR 300/t w-o-w, amid continued sluggish demand conditions. Tradable offers were heard in the range of INR 76,000-78,000/t.
Pre-painted galvanised iron (PPGI) (exy-Mumbai, India; 0.5mm / CTL, 90 GSM, IS 14246) was assessed at INR 85,400/t, down by INR 100/t w-o-w. Offers were reported in the range of INR 85,000-86,000/t, while bookings remained slow amid subdued market activity.
Galvalume/bare galvalume (BGL) (exy-Mumbai, India; 0.5mm / CTL, 1220mm, AZ150) was assessed at INR 89,500/t, up by INR 200/t w-o-w. Offers were indicated in the range of INR 89,000-90,000/t, while trading activity remained moderate.
Raw material prices
India’s zinc ingot (99.995%) prices increased moderately w-o-w by around INR 4,200/t ($44/t) to INR 378,000/t ($3,948/t) ex-Delhi on 26 May 2026, supported by firmer global zinc prices and sustained producer pricing discipline, although downstream demand continued to remain largely need-based. Market participants largely restricted procurement to immediate requirements amid subdued consumption trends.
Trade-level prices of hot-rolled coils (HRC) in India remained range-bound in the week ending 26 May, with HRC prices assessed in the range of INR 56,500-59,500/t ($591-622/t) and cold-rolled coil (CRC) prices assessed at INR 61,000-68,000/t ($638-711/t). Demand remained weak, restricting buying to need-based requirements.
BigMint’s bi-weekly benchmark assessment for HRC (IS2062, Gr E250, 2.5-8 mm/CTL) inched down by INR 100/t ($1/t) w-o-w to INR 58,600/t ($613/t) as of 26 May against INR 58,700/t ($614/t) a week ago.
However, CRC (IS513, Gr O, 0.9 mm/CTL) prices held stable w-o-w at INR 66,000/t ($690/t) on 26 May. These assessments are ex-Mumbai for the distributor-to-dealer segment and exclude 18% GST.
Market update
The Indian coated flat steel market continued to witness a downtrend during the week, as weak demand conditions and lack of strong enquiries kept trading activity subdued across northern, western, and southern regions. Buyers largely remained cautious and restricted procurement to immediate requirements amid slow consumption trends and limited project-based demand.
Both GP and PPGI segments continued to face pressure due to sluggish regional demand, ample material availability, and muted spot bookings. Overall market sentiment remained weak, while inventory levels across the supply chain continued to remain comfortable.
However, market chatter suggests that major steel mills may consider increasing coated flat steel prices for the coming month, supported by attempts to improve margins and stabilise market sentiment despite the current weak demand scenario. Meanwhile, BGL prices moved up during the week, primarily supported by limited stock availability and tight spot material supply in select markets.
Outlook
The Indian coated flat steel market remained under pressure during the week, amid weak demand conditions, sluggish enquiries, and slow booking activity across major regions. Buyers continued to follow need-based procurement, while ample inventory availability and competitive spot offers kept overall market sentiment subdued.
However, market chatter suggests that major steel mills may increase coated flat steel prices by around INR 1,500-2,000/t for the coming month in an attempt to improve margins and support market sentiment.
Leave a Reply