<article><p class="lead">Indian coated steel prices remained flat as demand slowed, with monsoon rains reducing demand from downstream sectors such as construction, automobiles and consumer durables.</p><p>Traders have stopped refilling inventories as demand from consumer sectors typically falls during the monsoon months of June-September, said a Mumbai-based mill executive. June sales of both zinc and aluminium-coated steel fell by 38pc in total from May to 372,000t, according to latest steel ministry estimates. </p><p>Consumer demand for galvanised sheet typically peaks before the monsoon months for roofing requirements and barricading of construction sites and existing residential and commercial structures.</p><p>Demand for automobiles and consumer durables also drops as consumers prefer to make new purchases during the country's festive season, which begins in September.</p><p>Certain mills have started offering discounts to buyers for bulk quantities and on immediate cash payment terms in response to falling prices, said a Chennai-based trader. </p><p>Offers for galvanised sheet with 0.70mm thickness and a zinc coating of 120 grams/square meter (gsm) were at 49,500 rupees/t ($719) ex-mill. Offers for similar material with 0.50mm thickness and a zinc coating of 90gsm were at about Rs52,000/t ex-works in the first week of June.</p><p>Prices of colour-coated sheet have also fallen. Offers for colour-coated sheet with 0.50mm thickness and a zinc coating of 90-100gsm were heard at Rs55,500/t this week. Offers for similar material were at Rs59,000-61,000/t during the first week of June.</p><p>There were no import offers in June after India's commerce ministry recommended <a href="https://direct.argusmedia.com/newsandanalysis/article/1941947">anti-dumping duties</a> of $28.67-199.53/t on imports of zinc and aluminium-coated steel products from Vietnam, South Korea and China, under the HS codes of 7210, 7212, 7225 and 7226. </p><p>A final hearing took place on 30 July. The duties will take effect only after the federal government publishes them in India's official gazette. But Asian suppliers withdrew all offers to Indian buyers fearing retrospective duties.</p><p>The <i>Argus</i>-assessed price for Indian hot-rolled coil ,which is the substrate for coated sheets, dropped last week to Rs38,000/t, a fall of Rs2,750/t since the first week of June.</p></article>
