- Prices move higher amid sustained mill hikes
- Demand remains cautious despite gradual improvement
Indian coated flat steel prices increased w-o-w as of 1 January 2026, with prices of galvanised plain coil (GP), pre-painted galvanised iron (PPGI), and bare galvalume (BGL) firming further as recent mill price hikes continued to sustain in the market.
Improved momentum in the coated steel segment, along with strengthening conditions in the overall flat steel market, supported a gradual pickup in procurement activity. Market participants expect prices to remain supported until mid-January, while the trade awaits mills’ January price lists, which are earlier heard to indicate a possible upward revision.
Higher zinc prices also lent cost-side support to coated flat steel prices. Zinc ingot (99.995%) prices increased by INR 3,000/t w-o-w to INR 318,000/t ex-Delhi as of 31 December, while special high grade (SHG) zinc offers rose by up to INR 6,000/t w-o-w to INR 315,000/t ex-Mumbai amid limited import availability. Elevated import premiums and higher replacement costs added to coating input pressures, supporting firm prices for galvanised and galvalume products and encouraging buyers to advance procurement ahead of expected January mill price hikes.
As per the latest assessment on 1 January 2026, GP coil (0.8 mm/CTL, 120 gsm, IS 277) were assessed at INR 64,500/t ($717/t) exy-Mumbai, up by INR 1,700/t ($19/t) w-o-w with offers heard in the range of INR 64,000-65,000/t ($711-722/t).
Market participants indicated that GP prices moved largely in line with hot-rolled coil (HRC) trends, given the strong correlation between the two products. HRC prices increased by around INR 1,500/t, from INR 48,300/t on 23 December to INR 49,800/t on 30 December, exy-Mumbai, which translated into the recent upward adjustment in GP prices.
Galvalume (0.5 mm/CTL, 1,220 mm, AZ150, IS 15961) was assessed at INR 76,500/t ($850/t) exy-Mumbai, up by INR 1,500/t($17/t) w-o-w, with offers heard in the range of INR 76,000-77,000/t ($845-856/t).
Meanwhile, PPGI (0.5 mm/CTL, 90 gsm, IS 14246) was assessed at INR 71,800/t ($798/t) ex-Mumbai, up by INR 2,100/t ($23/t) w-o-w, with offers heard in the range of INR 71,000-72,500/t ($789-806/t). Prices are exclusive of 18% GST.
Market updates
West:
The western region witnessed firm momentum across GP, PPGI, and BGL segments, supported by sustained mill price hikes. Market participants indicated that prices are likely to remain supported and could move higher if demand improves further. With the start of the peak season from January, sentiment remains optimistic, and any pickup in buying could lead to another round of price increases.
North:
Prices in the northern region continued to trend upward, driven by recent mill price increases. Participants noted that demand is present in the market, and the current uptrend is expected to sustain in the near term as buyers gradually accept higher price levels.
South:
The southern market also showed early signs of improvement, with demand gradually picking up. Market participants expect prices to firm further if buying activity strengthens, supported by improving sentiment and higher replacement costs.
Outlook
Coated flat steel prices moved higher over the past week, supported by sustained mill price hikes, firmer HRC prices, and gradual improvement in market sentiment. Procurement activity picked up modestly as buyers began accepting higher price levels, with GP, PPGI, and galvalume all showing steady performance.
Looking ahead, prices are expected to remain supported through January as mills’ recent increases continue to hold and sentiment remains buoyed by expectations of safeguard duty measures, which have reduced import attractiveness. Market participants are awaiting mills’ January price lists, and any upward revision could reinforce the current momentum. However, the pace of further price gains will depend on the extent of demand recovery across regions as the peak season unfold
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