- OEM procurement remains stable amid improved enquiries
- Retail segment faces uneven buying interest and mild pressure
India’s coated flat steel market witnessed a marginal price increase of INR 100-300/t w-o-w during the week ended 13 August 2026. GP prices increased by around INR 300/t, while PPGI prices also moved higher amid firm offers from mills and traders. Demand conditions improved across major markets, with buying activity supported by steady OEM requirements. Market participants reported relatively firm OEM activity, providing some support to spot-market demand. Overall, sentiment remained stable-to-positive, with prices gaining modestly amid improved underlying demand and steady mill offers.
Price Update
BigMint’s benchmark assessment for Mumbai GP coil (0.8 mm/CTL, 120 GSM, IS 277) increased by INR 200/t w-o-w to INR 75,200/t ex-Mumbai.
Meanwhile, Mumbai PPGI (0.5 mm/CTL, 90 GSM, IS 14246) was assessed at INR 85,300/t, up INR 300/t w-o-w from INR 85,000/t.
Mumbai BGL (0.5 mm/CTL, 1220 mm, AZ150) was assessed at INR 90,000/t, remaining stable w-o-w.
Export offers
HDGI export offers increased by $10/t w-o-w to around $805/t FOB Main Port, India, supported by previously concluded bookings. However, current market sentiment remains weak, with fresh buying enquiries subdued amid the ongoing summer holiday slowdown. Exporters continued to maintain a cautious stance as near-term demand remained limited.
Raw material Prices:
India’s zinc ingot (99.995%) prices increased by INR 6,700/t w-o-w to INR 394,600/t ex-Delhi, according to BigMint’s assessment on 4 August. The rise was driven by Hindustan Zinc Ltd.’s (HZL) latest benchmark price hike and firm London Metal Exchange (LME) zinc prices, while the continued drawdown in exchange inventories further strengthened market sentiment. However, downstream consumers, including galvanisers and alloy manufacturers, continued to procure material largely on a need-based basis, limiting the pace of the uptrend.
BigMint’s bi-weekly benchmark assessment for HRC (IS 2062, Grade E250, 2.5-8 mm/CTL) increased by INR 100/t ($1/t) w-o-w to INR 58,000/t ($608/t) ex-Mumbai as of 11 August, from INR 57,900/t ($607/t) in the previous week. The increase reflected firmer domestic pricing amid improved market sentiment and steady mill offers.
BigMint’s benchmark assessment for CRC (IS 513, Grade O, 0.9 mm/CTL) remained at INR 65,000/t ex-Mumbai, exclusive of 18% GST.
Market updates
The Indian coated flat steel market witnessed a slight improvement during the assessment period, with prices increasing marginally amid steady mill offers. Trading activity at the OEM level was relatively better, supported by improved enquiries and regular procurement from industrial consumers.
However, the retail market continued to face challenges, with buying activity remaining uneven. Market participants also highlighted growing competition from secondary producers, with several new brands increasingly penetrating the coated steel market. This has emerged as a key concern for established players, as increasing brand availability is intensifying competition and putting pressure on market dynamics.
One market participant said, “The market is going to be a mess now, many brands coming up.”
Overall, OEM-linked demand showed some improvement, while the retail segment remained under pressure due to intense competition and the growing presence of secondary-market brands.
Outlook
Coated flat steel prices are likely to remain range-bound to mildly firm in the coming weeks, supported by relatively better OEM-linked demand and stable raw material costs. However, a sustained price uptrend may remain difficult unless retail buying improves. Rising competition from secondary brands could also limit traders’ ability to pass on further price increases. Overall, the market is expected to remain cautiously positive, with demand and competitive intensity being the key factors to watch.
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