Indian export offers for hot dip galvanized (HDG) coils have remained strong during the past week, moving up by $10/mt to the range of $840-860/mt CFR US on the back of continued healthy buying interest, traders said on Friday, February 28.
According to a Mumbai-based trader, transaction volumes for April shipments are healthy and exporters have taken advantage of the increased booking activity from the US to marginally hike offers and test the market.
With the rupee moving within a narrow range against the US dollar, exporters have changed their short-term pricing strategy of lowering their offers in order to push volumes. Strong buying interest has offered exporters an opportunity to instead marginally increase their offers, he said.
Market sources said that steel demand in the Gulf markets has continued to be strong and prices for the region have been stable, with Indian HDG exporters keeping their offers in the range of $800-810/mt CFR.