en.Wedoany.com Reported - Indian coated flat steel prices declined by INR 100-1,000/tonne week on week during the assessment period, weighed down by sluggish buying activity and ample inventory across the supply chain. Demand from key consuming sectors remained weak, and buyers continued to procure only on a need-to basis amid cautious market sentiment. Most market participants postponed new orders, awaiting steel mill price adjustments in July for greater pricing clarity, leading to softer tradable prices across most regions this week.
BigMint's benchmark assessment for GP coils (0.8mm/CTL, 120 GSM, IS 277) in Mumbai fell by INR 700/tonne week on week to INR 74,600/tonne. The price correction was driven by subdued buying activity, ample inventory across the supply chain, and cautious buyer sentiment as they awaited July mill price adjustments. Weak spot demand continued to pressure tradable prices.
BigMint's benchmark assessment for PPGI (0.5mm/CTL, 90 GSM, IS 14246) in Mumbai declined by INR 300/tonne week on week to INR 85,200/tonne. Prices faced pressure from slow order inflows and limited spot purchases, with buyers largely procuring only on a need-to basis pending clarity on July mill pricing.
BigMint's benchmark assessment for BGL (0.5mm/CTL, 1220mm, AZ150) in Mumbai fell by INR 200/tonne week on week to INR 89,500/tonne. Competitive offers, cautious buyer sentiment, and subdued booking activity continued to weigh on prices, while ample availability in the market further pressured transaction levels.
According to BigMint's assessment, Indian zinc ingot (99.995%) prices fell by INR 4,000/tonne week on week to INR 370,000/tonne ex-Delhi as of 30 June 2026. The price correction primarily reflected a sharp reduction in Hindustan Zinc Limited's (HZL) benchmark prices, which dampened domestic market sentiment despite continued tightness in import availability. End-user demand from galvanizers and alloy manufacturers remained largely need-based, with buyers avoiding inventory accumulation during the ongoing monsoon season and amid adequate spot availability.
As of 30 June 2026, BigMint's bi-weekly benchmark assessment for hot-rolled coils (HRC) (IS2062, Grade E250, 2.5-8 mm/CTL) in Mumbai remained stable week on week at INR 58,200/tonne ($615/tonne), reflecting balanced market supply and demand despite subdued spot purchases. The benchmark assessment for cold-rolled coils (CRC) (IS513, Grade O, 0.9 mm/CTL) remained stable at INR 65,200/tonne ($689/tonne). All assessments are on an ex-Mumbai basis, excluding 18% goods and services tax.
During the assessment period, the Indian coated flat steel market remained under pressure, with prices continuing to decline amid persistently weak demand. Trading activity for coated products remained subdued, with buyers purchasing only on a need-to basis. Market participants indicated that most new orders were postponed, awaiting July mill price adjustments for greater clarity on short-term pricing direction. Distributors and stockists maintained adequate to high inventory levels, reducing the need for additional procurement. Supply of all coated flat steel products remained ample, with weak downstream demand leading to slow movement of goods and limited spot transactions, intensifying competitive pressure on market offers. Market sentiment remained cautious, with buyers continuing to adopt a wait-and-see approach while monitoring mill pricing decisions and demand recovery.
In the near term, the coated flat steel market is expected to remain under pressure, as weak downstream consumption and high inventory levels continue to constrain buying interest. The upcoming July mill price adjustments will be a key trigger for market direction, with participants closely watching whether producers adjust prices to align with current spot market conditions. Unless buying activity improves following price adjustments or demand recovers after the monsoon season, spot prices are likely to remain range-bound or weak, with distributors expected to maintain cautious inventory levels and continue procuring on a need-to basis.
