Indian hot dip galvanized (HDG) coil export offers have showed mixed trends during the past week, with negligible interest among US buyers, but with higher volumes for Gulf markets although against the backdrop of a sharp drop in offer prices for the latter region, traders said on Wednesday, October 22.
According to a Mumbai-based trader, Indian HDG offers for the US have remained unchanged at around $870/mt CFR but have failed to evoke any buying interest.
Ex-China HDG offers are reported to have been reduced further by about $10/mt to around $610/mt on FOB basis and Indian exporters are unable to match such competition, resulting in an absence of any significant transactions in the Indian market, he said.
However, market sources said that Indian HDG export volumes for the Gulf Cooperation Council (GCC) markets have improved substantially but only after a sharp fall in offer levels.
The sources said that an Indian exporter has offered HDG at around $700/mt CFR Gulf, down by about $30-35/mt from the levels before the Feast of Sacrifice holiday (October 4-7) in the region.