Indian hot dip
galvanized (HDG) coil export offers have remained unchanged during the past week at around $865/mt CFR US, while negligible transactions have been reported in the same period due to year-end holidays, traders said on Friday, January 2.
According to a Mumbai-based trader, local HDG exporters are apprehensive amid predictions of a fall in prices in the US flat steel market.
The trader said that most exporters are waiting for definitive indications once trading activity resumes over the coming weeks before taking a call on adjusting offers accordingly.
Market sources have said that, with the Indian currency falling to a 13-month low at around INR 63.35 to a dollar, exporters are looking at a further $15-20 cut in offers while still being able to maintain their margins in export transactions.
However, much of the export pricing strategy depends on US buyers returning to the market and on the demand volumes, the sources added.