Indian coated flat steel prices have further increased on a week-on-week basis, due to prices hiked for February deliveries by major mills. GP coil prices increased by ₹1,400/t to ₹68,900/t ex-Mumbai, while PPGI saw a sharper increase of about ₹1,900/t to ₹77,000/t. Galvalume prices also edged up, albeit modestly, by ₹500/t to ₹79,000/t. The upward revision by major mills translated quickly into market offers across regions, reinforcing firm price levels and improving trade sentiment.

The price increase has been driven by a number of factors including increases from mills on their quoted pricing, as well as growing levels of inquiries by both customers and end users. Although demand remained need-based in parts of the country especially in the south controlled inventories and steady movement in the west and north helped sustain market confidence.

Looking ahead, prices are expected to stay firm in the near term based on continued upside support from the increased levels of buying at financial year-end, as well as a gradual improvement in demand, along with very limited downside risks from both stable inventory levels and continued pricing discipline from the Rolling Mills.