- GP prices gain INR 500/t w-o-w
- Southern market sees comparatively slower enquiries
India’s coated flat steel market witnessed a INR 200-500/t w-o-w increase in GP prices during the week ended 20 August 2026, while PPGI and BGL prices remained largely stable. The price movement in GP was primarily driven by mill-led expectations of further price increases in the coming weeks, rather than a broad-based improvement in demand. Market sentiment remains cautious, with buyers largely following a need-based purchasing approach and lifting only for immediate requirements. While mill offers have remained firm, the limited urgency among buyers continues to restrict stronger spot-market activity. Overall, prices have moved higher on supply-side pricing expectations, but sustained gains will depend on a meaningful improvement in underlying demand.
Price Update
BigMint’s benchmark assessment for Mumbai GP coil (0.8 mm/CTL, 120 GSM, IS 277) increased by INR 500/t w-o-w to INR 75,700/t exy-Mumbai.
Meanwhile, Mumbai PPGI (0.5 mm/CTL, 90 GSM, IS 14246) was assessed at INR 85,300/t exy-Mumbai, remaining stable w-o-w.
Mumbai BGL (0.5 mm/CTL, 1220 mm, AZ150) was assessed at INR 90,000/t exy-Mumbai, also remaining stable w-o-w.
Raw Material Prices
India’s zinc ingot (99.995%) prices increased by INR 7,600/t w-o-w to INR 406,000/t ex-Delhi, according to BigMint’s assessment on 20 August 2026. The rise was supported by HZL’s latest benchmark price hike and a sharp drawdown in LME inventories. However, softer LME prices and cautious, need-based buying from downstream consumers limited the gains.
BigMint’s bi-weekly HRC benchmark (IS 2062, Grade E250, 2.5–8 mm/CTL) increased by INR 300/t w-o-w to INR 58,300/t ($610/t) ex-Mumbai as of 18 August, supported by firmer mill offers and improving sentiment. However, cautious buying continued to limit stronger price gains.
CRC (IS 513, Grade O, 0.9 mm/CTL) increased by INR 400/t w-o-w to INR 65,400/t ($683/t) ex-Mumbai from INR 65,000/t, exclusive of 18% GST, amid firmer mill pricing and selective downstream demand.
Market updates
The Indian coated flat steel market remained cautiously firm during the assessment period, although overall trading activity continued to be moderate. GP prices increased during the period, primarily supported by expectations of further mill price hikes rather than a clear improvement in underlying demand. While mills continued to maintain firm offers, buyers remained cautious and largely restricted purchases to immediate requirements.
Distributors indicated that the current price levels may face resistance to further increases, as trade-market demand remains relatively slow. Buyers are reportedly reluctant to build inventory at higher prices and are instead waiting for clearer demand signals before making larger purchases. This has kept transaction volumes moderate despite firm mill pricing.
Regionally, trading activity across the major western and northern markets remained steady, with market participants describing business as neither particularly strong nor weak. Enquiries and regular requirement-based transactions continued, but there was no significant increase in volumes. In comparison, the southern market remained relatively more subdued, with slower enquiries and weaker buying interest than the West and North.
Overall, market sentiment remained firm but cautious. Higher mill offers and expectations of further price increases are providing some support to prices, but subdued trade demand, limited inventory building and buyer resistance to higher levels could restrict further price gains in the near term.
Outlook
Coated flat steel prices are likely to remain firm with limited upside in the coming weeks. Higher input costs and firm mill pricing should provide a floor, but weak trade demand and buyer resistance at elevated prices are likely to cap further gains.
GP may retain relatively better support, while PPGI and BGL could remain largely range-bound. For buyers, aggressive inventory building may remain risky until demand improves; requirement-based procurement is likely to remain the preferred strategy. A meaningful price breakout would require stronger downstream consumption or tighter supply.
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