India: Coated flat steel prices edge up on slight demand improvement

• Market uncertainties keep participants cautious
• Limited price movements expected in near term

Indian coated flat steel prices showed an upward movement this week. Prices of galvanised plain (GP) coils edged higher amid improved post-Diwali activity, while pre-painted galvanised iron (PPGI) remained relatively slow. Overall sentiment stayed cautious, though participants expect clearer market direction to emerge in the near term.

As per the latest assessment on 06 November, GP coils (0.8 mm/CTL, 120 gsm, IS277) were at INR 60,400/t ($682/t) exy-Mumbai, up by INR 400/t w-o-w, with offers in the range of INR 60,000-61,000/t ($677-689/t).

Galvalume (0.5 mm/CTL, 1220 mm, AZ150, IS15961) stood at INR 76,000/t ($858/t) exy-Mumbai, up by INR 250/t w-o-w, with offers heard in the range of INR 75,500-76,500/t ($852-864/t).

Meanwhile, PPGI (0.5 mm/CTL, 90 gsm, IS14246) was assessed at INR 69,100/t ($780/t) exy-Mumbai, up by INR 600/t w-o-w, with offers ranging between INR 68,500-69,500/t ($773-784/t). Prices are exclusive of 18% GST. (USD 1 = INR 0.0112882; INR 1 = 88.5880 USD)

Market update

The coated steel market witnessed a short-lived improvement in demand after the festive period, though overall activity remained subdued. Buying sentiment was cautious, and the market remains dull with limited signs of recovery.

North: The coated steel market in the northern region saw a brief improvement in demand following the festive season, but activity is expected to ease again as overall buying sentiment remains uncertain.

West: In the western region, GP coil demand improved, with decent trade movement observed. However, PPGI sales remained sluggish, as buyers continued to show limited interest in colour-coated material. Market sentiment was mildly positive for GP, while PPGI remained slow.

South: The southern market continued to face weak conditions, with minimal trading activity and no significant demand recovery. Sentiment remained dull amid persistent sluggishness in end-user segments.

Outlook

The coated flat steel market is expected to remain range-bound, with limited price movements ahead. While GP demand may stay steady on selective restocking, overall activity is likely to remain slow amid weak end-user demand. Prices are expected to remain stable at current levels in the near term.