Indian hot dip
galvanized (HDG) coil export offers have declined by about $10/mt during the past week to $855/mt CFR US, but have failed to trigger any significant transaction volumes as US buyers have stayed away, traders said on Thursday, February 5.
"US buyers have taken a pause from concluding fresh import deals. US flat steel product prices have been falling and reports have been received in
India indicating that distributors in the US are saddled with large imported HDG stocks," a Mumbai-based trader said.
"Several buyers we talked to said they are stuck with imported HDG shipments at higher prices at a time when flat product prices are undergoing strong corrections in the US market," he added.
Market sources said that the $10/mt reduction is not sufficient to attract any buying interest as prices are falling faster in the US markets.
Also, Indian HDG exporters are hamstrung in adjusting prices adequately to keep pushing volumes by the gradual upward movement of the Indian rupee against the dollar, the sources added.