During the week ending on February 12th, 2023, Indian coated flat steel prices remained stable, although slightly dipped at times due to weak demand and slow absorption of prices into various markets. Despite continued firm pricing from the major mills, trading activity for this product sector remains subdued; buyers are still procuring based only on their own needs and have little inclination to buy beyond that due to ongoing cautious sentiment within the marketplace. GP coil price in Mumbai continues to be at ₹68,900/t ex-Mumbai; PPGI has decreased by ₹100/t w-o-w, now prices are at ₹76,900/t. Although mills have tried to control pricing, limited improvement in enquiry levels and steady downstream consumption will prevent any meaningful upside to prices in this sector.

Outlook:

The market sentiment is expected to gradually improve if there are seasonal demand recovery and continued price backing from mills. A lasting upward movement in price will also rely on greater clarity on future demand, a more positive movement of inventories, and better downstream consumption. Until the amounts traded increase at a higher rate, the market is expected to continue being stuck in a trading range, with caution being exhibited by buyers across all regions of the world.