Indian coated flat steel prices have modestly decreased on a week-over-week basis across markets due to obstinately weak demand and muted spot buying. GP prices have decreased to ₹59,700/t from ₹59,900/t, Galvalume dropped to ₹74,000/t from ₹75,000/t, while PPGI remained mostly stable at ₹68,300/t ex-Mumbai. Due to low steel demand, there has been little activity in the spot market. As a result, there have been very few transactions this week, with most end-users continuing to defer the purchase of steel products. Additionally, there appears to be little trade volume, and buyers refrained from sourcing in bulk. Despite mills rolling over their new prices listed for December, the absence of recovery signals, uncertain demand, and region-specific issues such as rainfall slowing construction in the South have kept the market sentiment subdued.

Outlook:

It has been anticipated that the coated steel prices are likely to remain under pressure in the future, with sourcing likely to stay need-based. The December price rollover by mills has not stimulated buying interest, and without end-user enquiries or any signs of demand revival, the market is likely to remain rangebound with a slight downward bias in the coming days.