Indian exporters of hot dip galvanized (HDG) coil have kept their offers stable at $725/mt FOB during the past week, but no significant transactions have been reported in the market, traders said on Thursday, March 30.
"Buyers, particularly in the US market, are still not concluding transactions after Indian exporters effected a hike in offer prices earlier in the month," a Mumbai-based trader said.
"Also, exporters are not aggressively pushing volumes as most are very concerned over the steady appreciation of the Indian rupee which is eroding their margins on exports," the trader added.
The Indian rupee during the past week has hit a 17 month-high at INR 64.93 to the US dollar and market sources said that most large producer-exporters are postponing export transactions as at the current exchange rate their margins will be impacted.
At least two exporting traders said that they will be forced to hike their offer prices again next month if the Indian currency continues to rise against the dollar.