Indian prices for coated flat steel have stayed mostly unchanged or risen slightly, according to reports on February 26, 2026. Disciplined mill supplies and cost-push factors, rather than strong end-user demand, contributed to this price stability. Zinc prices have continued to rise sharply, with domestic ingot prices increasing week on week, creating significant cost support for galvanised and coated products.

Mill dispatches have remained under control (including thinner gauges) and the availability of thin gauges has been very tight, helping to provide price stability for coated flat steels. Although both HRC and CRC prices remained relatively stable, coated types, including GP and PPGI, saw only marginal price adjustments last week. BGL prices remained stable, with continued availability remaining scarce. Overall, price stability was largely determined by supply rather than demand, which has tended to be driven by need alone.

Outlook:

In the short term, prices will most likely be driven by the mills with limited risk of downward movement because of the strong raw material pricing and limited availability of thin-gauge material. Early indications of an upturn in demand from the western and northern regions are present, but overall buyer confidence is still relatively low, resulting in low volumes of transactions. If prices do increase for March, they are expected to do so gradually due to continued selective purchasing and delayed conversion of inquiries to orders, both of which limit the potential for aggressive price movement.