- Spot inquiries support firmer market tone
- Regional demand shows mixed recovery signals
Indian coated flat steel prices increased w-o-w as of 11 December, with GP, PPGI and BGL assessments moving higher amid improving spot demand. Market participants reported better buying interest across major regions, noting that trade activity gained some traction compared with the previous week. Mills raised coated flat steel prices by ₹500–750/t ($6-8), and the pickup in end-user inquiries supported a firmer market tone.
As per the latest assessment on Thursday, GP coils (0.8 mm/CTL, 120 gsm, IS 277) were assessed at INR 60,600/t ($672) ex-Mumbai, up by INR 900/t ($10) w-o-w, with offers heard in the INR 60,000-61,000/t ($665-676/t) range.
Galvalume (0.5 mm/CTL, 1220 mm, AZ150, IS 15961) was assessed at INR 74,500/t ($826) ex-Mumbai, up INR 500/t ($6) w-o-w, with offers reported in the INR 74,000-75,000/t ($820-832) range.
Meanwhile, PPGI (0.5 mm/CTL, 90 gsm, IS 14246) was assessed at INR 69,300/t ($768) ex-Mumbai, up INR 1,000/t ($11) w-o-w, with offers reported in the INR 69,000-69,500/t ($765-771) range. Prices are exclusive of 18% GST. (USD 1 = INR 0.011066; INR 1 = 90.3715 USD)
Market Update
North:
Demand in the northern region remained low and is expected to stay subdued through December. Market participants noted that any meaningful pickup is likely only toward the end of the month, with some expecting demand to “increase in January” as inquiries gradually return.
West:
The western market strengthened w-o-w, supported by mills recent price increases, which pushed transactional levels higher. One participant remarked that “now further increase is not required in price, otherwise demand will again stop.” Another participant highlighted improving sentiment, noting that inventory levels have been declining and are currently around 20–25 days, adding a positive tone to the market.
South:
The southern market remained subdued w-o-w, with no significant demand drivers visible. Participants reported that buying continues to be need-based, and no factors are currently in place to support a near-term improvement in demand.
Outlook
Indian coated flat steel prices are likely to remain firm over the course of December, supported by recent price hikes by mills and improved spot inquiries, particularly in western regions. While inventory levels are gradually declining, demand in northern and southern markets is expected to stay subdued, limiting significant upside. Overall, the market may see modest gains or stabilisation if end-user inquiries pick up toward late December and early January.
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