- Prices up slightly despite high inventory
- Demand weak, market sentiment cautious
The Indian coated flat steel market moved up week-on-week (w-o-w) as of 4 September 2025. While sentiment remained steady in the pre-painted galvanised iron (PPGI) segment, galvanised plain (GP) prices rose by INR 600/t w-o-w, though market pressure persists due to ample inventory and weak demand. Despite the increase, some participants continue to offer at lower levels amid ample stock. While mills are contemplating pushing prices higher, the combination of weak demand and excess inventory suggests that the upward trend may not be sustainable through September.
The latest weekly assessment on 4 September showed GP coil (0.8 mm/CTL, 120 gsm, IS277) prices at INR 63,100/tonne(t) ($715/t) exy-Mumbai up INR 600 w-o-w, with offers ranging between INR 62,500-63,500/t ($708-719/t).
Meanwhile, PPGI (0.5 mm/CTL, 90 gsm, IS14246) was assessed at INR 74,000/t ($838/t) exy-Mumbai, with offers hovering between INR 73,500-74,500/t ($832-843/t). Prices are exclusive of 18% GST. (USD 1 = INR 88.3017) (INR 1 = USD 0.0113256)
Market updates
Market sentiment remained weak, with demand subdued and buying activity largely cautious. While inquiry levels held steady, actual procurement was limited amid ongoing uncertainty around price stability. Recent price hikes saw limited acceptance, as sluggish demand continued to undermine market momentum, raising the likelihood of downward price adjustments if conditions fail to improve.
North: Demand remained low, with minimal buying activity observed, resulting in work slowing down. Compared to the same period last year, conditions have been slightly better, though overall buying remains limited and cautious.
South: The market showed sluggish to stable conditions, with little demand across major consuming segments. While inquiries were steady, cautious procurement and limited spot buying kept overall activity subdued. There is a general belief that prices may not sustain in the long run, which has contributed to the cautious sentiment.
West: Demand remained slow, although prices saw a slight uptick as mills attempted to push prices higher. However, weak demand suggests that these price increases may not hold, and prices could potentially fall if demand does not pick up.
Outlook:
Prices are expected to remain range-bound through September, with low market traction and limited trading activity anticipated. Weak demand and cautious buying sentiment are likely to keep price movements in check, with no significant upward momentum expected in the immediate term.
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