- GP and PPGI prices rise across regions
- Mills signal further coated steel price hikes
India’s coated flat steel market witnessed a INR 500-800/t w-o-w increase in GP prices, while PPGI prices rose by around INR 900/t during the week. The increase was primarily driven by mill-led price hikes, with mills also raising their offers amid higher working costs and raw material prices. Firm mill pricing has supported the upward movement in market prices, while buying activity remains largely need-based. The market outlook remains firm, with further price movement likely to depend on mill pricing and demand conditions.
Price Update
BigMint’s benchmark assessment for Mumbai GP coil (0.8 mm/CTL, 120 GSM, IS 277) increased by INR 800/t w-o-w to INR 76,500/t ex-Mumbai, as of 27 August 2026.
Meanwhile, Mumbai PPGI (0.5 mm/CTL, 90 GSM, IS 14246) increased by INR 900/t w-o-w to INR 86,200/t ex-Mumbai as of 27 August 2026.
Mumbai BGL (0.5 mm/CTL, 1220 mm, AZ150) remained stable at INR 90,000/t ex-Mumbai.
Raw Material Prices
India’s zinc ingot (99.995%) prices increased by INR 18,000/t W-o-W to INR 424,000/t ex-Delhi, according to BigMint’s assessment on 28 August 2026. The rise was supported by firmer benchmark prices and improving market sentiment. However, elevated prices and cautious, need-based buying from downstream consumers limited stronger gains.
BigMint’s bi-weekly HRC benchmark (IS 2062, Grade E250, 2.5-8 mm/CTL) increased by INR 1,800/t W-o-W to INR 60,100/t ($630/t) ex-Mumbai as of 25 August 2026, from INR 58,300/t ($611/t) on 18 August. The increase was supported by firmer mill offers and improving market sentiment. However, cautious buying continued to limit stronger price gains.
CRC prices also increased by INR 2,400/t over the same period, rising to INR 67,800/t ex-Mumbai as of 25 August from INR 65,400/t on 18 August.
Market Updates
The Indian coated flat steel market witnessed price increases across major regions during the assessment period, with GP and PPGI prices rising amid mill-led price hikes. The upward movement was primarily driven by higher HRC and CRC prices, which have increased overall raw material and working costs for coated steel producers.
Market participants noted that the rise in input costs has led mills to revise their coated steel offers upward, supporting higher transaction prices across regions. The continued increase in HRC and CRC prices is also expected to influence coated steel prices and overall market sentiment in the coming weeks.
Demand remains moderate, with buyers largely following a need-based purchasing approach. However, market participants anticipate an improvement in demand for coated products, particularly in the colour-coated segment, which could provide further support to prices.
Overall, the outlook remains positive, with higher raw material costs, mill-led price hikes and expectations of improved demand likely to support coated flat steel prices in the near term.
Outlook
The coated flat steel market is expected to remain positive in the near term, supported by higher HRC, CRC and zinc prices, rising working costs, and tight supply availability. Supply constraints could provide further upward pressure on prices, while mills are expected to raise coated steel prices by around INR 750-1,000/t in the coming month.
The higher mill offers, combined with limited availability, could encourage buyers to increase purchases ahead of further hikes and support improving demand, particularly in the colour-coated segment. However, elevated prices may limit buying appetite if demand does not improve at the expected pace.
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