Indian export offers for hot dip galvanized (HDG) coils have remained unchanged at around $870/mt CFR US amid negligible transactions as US buyers have been nervous about concluding transactions, traders said on Wednesday, June 25.
According to two Mumbai-based traders, there has been a lot of talk among US buyers of trade action against imports of flat products into the US market, including Indian origin HDG and cold rolled coils (CRC).
Both the traders said they were unable to confirm the veracity of possible trade action against flat steel product imports into the US, but added that most buyers were nervous and pulled back after making inquiries.
"The issues in the US markets largely revolve around imports from Russia and China, but Indian exporters are facing the negative ripple effect from US buyers," the traders said.
Market sources said that offers to Gulf Co-operation Council (GCC) markets have been lowered to the range of $740-750/mt CFR, down from $770/mt CFR earlier in the month, but this failed to evoke any interest in view of Ramadan and low demand in the Gulf markets.