- Mill-led hikes lift coated steel prices
- Demand steady; trade activity remains cautious
Indian coated flat steel prices inched up week as on 19 February, supported by selective mill-led hikes across galvanised plain (GP), pre-painted galvanised iron (PPGI), and galvalume (BGL) segments, even as end-user demand remained moderate. Trading activity remained largely need-based, with buyers continuing to adopt a cautious procurement strategy amid uncertain demand visibility.
Meanwhile, raw material prices for coated flat steel remained mixed, offering limited cost-side support. Trade-level HRC prices largely held steady, with assessments ranging between INR 52,000–55,100/t, while CRC prices were assessed at INR 56,500–62,000/t during the week ended 17 February. BigMint’s benchmark HRC (IS 2062, Gr E250, 2.5–8 mm/CTL) witnessed a marginal w-o-w decline of INR 200/t to INR 53,600/t, while CRC (IS 513, Gr O, 0.9 mm/CTL) prices edged down INR 300/t w-o-w to INR 59,500/t, ex-Mumbai, excluding 18% GST.
On the coating side, zinc prices corrected further, easing cost pressures for galvanised and pre-painted products. Zinc Special High Grade Ingot (99.99%), 25-kg packs, was assessed at INR 3,32,000/t, ex-Delhi as on 19 February 2026, down by INR 5,000/t w-o-w from INR 3,37,000/t in the previous week. Despite softer zinc prices, mills maintained a firm stance on coated flat steel prices, supported by controlled supplies and expectations of seasonal demand improvement.
However, hot-dip galvanised iron (HDGI) export offers edged down by $5/t, assessed at $770/t, compared with $775/t in the previous assessment, reflecting continued cautious buying interest despite firm underlying mill pricing.
As per the latest assessment, galvanised plain (GP) coil prices increased by INR 500/t ($5/t) w-o-w to INR 69,400/t ($761/t) ex-Mumbai. Market offers were largely reported in the range of INR 69,000-70,000/t ($756-767), supported by firm mill pricing despite muted buying interest and cautious trade sentiment.
Pre-painted galvanised iron (PPGI) prices were assessed INR 500/t ($5/t) higher w-o-w at INR 77,400/t ($848/t) ex-Mumbai. Offers were mostly heard in the range of INR 76,500-78,000/t ($839-855/t), with mills maintaining a firm stance even as market absorption remained gradual amid subdued demand.
Meanwhile, galvalume (BGL) prices saw a sharper increase of INR 2,000/t ($22/t) w-o-w, assessed at INR 81,000/t ($888/t) ex-Mumbai. Market offers were reported in the range of INR 80,500-81,500/t ($883-894/t), supported by tight availability and mill price rise, although regional demand conditions remained mixed.
All prices are exclusive of 18% GST.
Market Update:
Regional demand trends remained mixed during the assessment period. Buying interest in the western and northern regions was reported at moderate levels, with procurement continuing selectively amid recent mill-led price hikes, though higher prices did not translate into a meaningful pickup in trade volumes. In the southern region, demand stayed subdued, with transactions largely limited to need-based buying. Some participants reported tight availability of specific grades, particularly in the west and north, where inventory levels stood at around 15-20 days in the west and were lower in the north. Despite firmer mill pricing, overall trade activity remained muted due to continued buyer caution.
Outlook:
In the near term, market participants are likely to monitor demand response to recent mill-led price increases. While controlled supplies and tightness in select grades may continue to provide support, trade volumes are expected to remain limited in the absence of a clear improvement in downstream consumption. Pricing is therefore likely to remain primarily mill-driven, with buyers continuing to procure on a need-based, hand-to-mouth basis.
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