India: Coated flat steel prices slide further amid sluggish trade activity

• Mills’ Oct’25 price cuts fail to lift sentiment
• Further corrections expected through Oct’25

The Indian coated flat steel market continued to weaken this week, as both galvanised plain (GP) and pre-painted galvanised iron (PPGI) coil prices declined further amid subdued demand. Market activity remained sluggish with limited trade-level buying, while mills’ October price cuts failed to lift sentiment. Participants expect the downtrend to persist through the rest of the month.

As per the latest weekly assessment on 16 October, GP coils (0.8 mm/CTL, 120 gsm, IS277) were at INR 60,500/t ($689/t) exy-Mumbai, down by INR 600/t w-o-w, with offers in the range of INR 60,000-61,500/t ($683-700/t).

Meanwhile, PPGI (0.5 mm/CTL, 90 gsm, IS14246) was assessed at INR 69,000/t ($786/t) exy-Mumbai, down by INR 2,100/t w-o-w, with offers ranging between INR 68,500-70,000/t ($780-797/t). Prices are exclusive of 18% GST. (USD 1 = INR 87.8661; INR 1 = USD 0.0113807)

Market update

The coated flat steel market remained sluggish across regions this week, with weak sentiment and limited trading activity prevailing.

North: The market remained muted, with very slow trading activity. Overall buying interest was low, as most participants stayed cautious, and demand recovery is expected only after the festive period.

West: Market conditions for coated products were described as “very poor,” with prices moving downward. PPGI sales were particularly slow, while GP saw some movement in Mumbai. However, overall sentiment remained weak, and further price correction cannot be ruled out.

South: Demand for PPGI remained quite slow, though GP witnessed some movement. Market participants continued to face low inquiries from end-users, keeping overall activity subdued.

Outlook:

The coated flat steel market is likely to remain under pressure in the near term amid sluggish demand and weak trade sentiment. With PPGI sales particularly slow and only limited GP movement in some regions, prices may see further corrections through October before any recovery post-festive season.