- Trade activity lags behind rising price levels
- Mill offers remain key to market direction
India’s coated flat steel trade-level prices surged by around INR 100-1,900/t w-o-w across major products and markets, as per BigMint’s assessment on 8 October 2026.
Despite the latest price hikes, buying activity remains subdued, with buyers resisting fresh procurement at elevated price levels and largely limiting purchases to immediate requirements. The price increases have outpaced the improvement in demand, resulting in a cautious market response.
Overall, coated flat steel prices have moved higher across markets, but limited buying interest continues to constrain trade activity, highlighting a gap between rising prices and actual demand.
Price Update:
BigMint’s benchmark assessment for Mumbai Galvanized Plain (GP) coil (0.8 mm/CTL, 120 GSM, IS 277) was assessed at INR 83,100/t ex-Mumbai as of 8 October 2026, up by INR 100/t w-o-w from INR 83,000/t on 1 October 2026.
Mumbai Pre-painted Galvanized Iron (PPGI) (0.5 mm/CTL, 90 GSM, IS 14246) was assessed at INR 90,600/t ex-Mumbai as of 8 October 2026, increasing by INR 1,300/t w-o-w from INR 89,300/t on 1 October 2026.
Meanwhile, Mumbai Galvalume (BGL) (0.5 mm/CTL, 1220 mm, AZ150) was assessed at INR 93,700/t ex-Mumbai as of 8 October 2026, up by INR 1,100/t w-o-w from INR 92,600/t on 1 October 2026.
Raw material Prices:
India’s zinc ingot (99.995%) prices decreased by INR 1,000/t w-o-w to INR 437,000/t ex-Delhi as of 7 October 2026, down from INR 438,000/t on 30 September 2026.
Meanwhile, BigMint’s bi-weekly benchmark assessment for Mumbai Hot-Rolled Coil (HRC) (2.5–8 mm/CTL, IS 2062, Grade E250 BR) increased by INR 800/t w-o-w to INR 64,700/t ex-Mumbai as of 6 October 2026, from INR 63,900/t in the previous assessment.
Mumbai Cold-Rolled Coil (CRC) (0.90 mm/CTL, IS 513, CR1) prices also rose by INR 800/t w-o-w to INR 74,800/t ex-Mumbai, up from INR 74,000/t.
In the raw material market, Australian premium hard coking coal (PHCC) FOB prices softened by around $1/t w-o-w to $271/t.
Market Update:
India’s trade-level coated flat steel prices increased across regions this week. Galvanized Plain (GP) prices rose by INR 100–1,900/t, while Pre-Painted Galvanized Iron (PPGI) prices increased by around INR 1,300/t. Bare Galvalume (BGL) prices also moved up by INR 1,100–1,500/t.
On the supply side, trade-level inventory in West India is estimated to cover around 20–25 days of demand. In North India, inventory levels are relatively lower, while mill supplies remain limited, according to a market participant. Despite these regional differences, material remains available in the market.
Demand trends were mixed across regions. Buying activity in West India slowed slightly, while demand conditions remained satisfactory in North and South India. Market participants indicated that coated flat steel prices could see a further increase of INR 750–1,000/t in the coming weeks, supported by expectations of higher offers from mills.
Coated flat steel prices may increase further by INR 750–1,000/t in the near term, supported by expectations of higher mill offers and rising HRC and CRC prices. However, subdued buying interest and resistance to elevated price levels could limit the pace of increases. The extent of further price movements will depend on mill pricing decisions and whether demand improves sufficiently to absorb higher offers.
Outlook:
Coated flat steel prices may increase further by INR 750-1,000/t in the near term, supported by expectations of higher mill offers and rising HRC and CRC prices. However, subdued buying interest and resistance to elevated price levels could limit the pace of increases. The extent of further price movements will depend on mill pricing decisions and whether demand improves sufficiently to absorb higher offers.
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