Indian export offers for hot dip galvanized (HDG) coils have remained unchanged during the past week at around $850/mt CFR US, with buyers showing little interest in concluding transactions amid fresh fears of trade actions, traders said on Wednesday, August 20.
Two Mumbai-based traders said that reports reaching the local market indicate that fresh petitions seeking trade actions against cold rolled and HDG coil imports from Asia into the US may be filed around the end of the current month.
The traders said that, while the process following the petition would be long drawn, it would certainly put pressure on US buyers to become cautious about concluding import transactions in the short term.
"Just as fears of trade actions were seen to be subsiding and US buyers were showing interest in Indian HDG, the new petitions have once again kept buyers away from the Indian market," one trader said.
"HDG exporters had lowered their offers by $10/mt earlier this month to attract renewed interest in the US market. But the pricing game will not be able to overcome the caution stemming from fears of trade actions," he added.
Market sources said that HDG offers to the Gulf Co-operation Council (GCC) market have also remained unchanged in the range of $720-730/mt CFR, but transaction volumes are at low levels since overall business activity has continued to be quiet during the week.