India: Trade-level coated flat steel prices remain stable w-o-w

Trade-level prices of coated flat steel products remained stable towards the end of the current week. Lacklustre demand in the traders' market kept coated flats prices under pressure.

The weekly assessment for galvanised plain (GP 0.8 mm/CTL, 120 gsm) in sheet form remained stable at INR 60,300/t exy-Mumbai, within the bounds of INR 59,500-60,500/t, as on 5 September 2024. Meanwhile, pre-painted galvanised iron (PPGI- 0.5 mm/CTL, 90 gsm) was assessed at INR 69,000/t exy-Mumbai, in the range of INR 68,000-70,000/t as on 5 September 2024. The prices mentioned above are exclusive of GST at 18%.

Prices of coated flat steel products have shown some resilience compared to the steeper drops in the substrate hot-rolled coil (HRC) forms.

Leading private coated flat steel producers had set their list prices for galvanised plain coils (GPC) (0.8 mm, 80 gsm) at around INR 60,000-61,000/t ex-Mumbai while that of pre-painted galvanised iron (PPGI) (0.5 mm, 90 gsm) at around INR 70,000-71,500/t ex-Mumbai for September 2024 sales.

End-user industrial demand: Demand from the green energy segment has picked up pace. The monthly addition in installed capacity of solar power was 1,734 megawatts (MW) in July, which was around 1,197 MW a month back as per Central Electricity Authority (CEA) data.

Outlook

Trade market prices might remain range-bound in the near term, considering the limited buying appetite in the traders' market.