Ex-India hot dip galvanized (HDG) coil prices have remained relatively stable amid continuing silent trade conditions and with sellers unwilling to adjust prices given low exportable volumes at the end of the fiscal year and preferring to wait for Gulf buyers to resume new purchases.
Sources said that ex-India HDG (Z120) are unchanged at $820-850/mt FOB, with the higher end of the range corresponding to offers in Europe. According to sources, trade activity has remained slow this week, as distributors in Europe have remained out of the market in view of declining local prices, while demand in the Gulf region has become sluggish and distributors are cautious in restocking.
“Globally, the flat products market is depressed overall. No definite direction has emerged since business activity resumed from China and buyers in most destinations are in wait-and-watch mode,” a source at ArcelorMittal Nippon Steel Limited told SteelOrbis.
“Indian sellers are not willing to sell aggressively at the year-end [fiscal], either because they don’t want pressures on margins to emerge while closing their books, or they have low stocks for export allocations,” he added.