Indian hot dip galvanized (HDG) coil exporters have offered further discounts of around $10/mt, with offers in the range of $840-850/mt CFR US during the past week, but buyers have refused to bite in view of falling flat steel product prices in the US, traders said on Thursday, April 16.
According to a Mumbai-based trader, contrary to expectations US flat steel product prices having not yet touched the bottom, instead recording fresh decreases.
Hence, US dealers have retreated from the market after receiving Indian HDG offers and the discounts offered which were considered to be very low, he added.
Market sources said that HDG offers to Gulf Co-operation Council (GCC) region have been kept unchanged by Indian exporters in the range of $610-620/mt CFR Gulf, but transactions have been limited amid low trading activity in Gulf markets.
The sources said that buyers in the GCC are expecting a decline in HDG import offers, particularly from Chinese exporters, the sources said. Indian HDG exporters have been unable to meet the demand for larger discounts of around $20-30/mt.