Indian exporters of hot dip galvanized (HDG) coils have slashed their offers by $10-15/mt during the past week to the range of $660-670/mt FOB but have failed to buoy transaction volumes primarily owing to the absence of buyers from the US and Gulf Co-operation Council (GCC) markets, traders said on Thursday, May 26.
"Indian exporters have seized the opportunity presented by the local currency breaching the INR 67 to the dollar mark to lower offers," a Mumbai-based trader said.
"But due to ongoing trade cases, US steel distributors have stayed away from concluding any transactions, resulting in dull market conditions," the trader added.
However, some market sources state that Indian exporters have been forced to adjust HDG offers against the backdrop of continued reductions in offer prices for ex-China flat steel products.
Market sources also attributed the lack of activity to the absence of buyers from GCC markets in view of the approaching month of Ramadan.