Indian export offers for hot dipped galvanized (HDG) coils showed little change during the past week remaining stable in range of $640-650/mt FOB amid price uncertainties in US, traders said on Thursday, July 7.
“Information received from our buyers indicated that while flat product prices were seen to be softening in US markets, short term trends were uncertain prompting buyers to postpone fresh bookings,” a Mumbai based trader said.
“But despite the fall in buying interest among US steel distributors local exporters too pushed back any price adjustments in view of uncertainties over the Indian currency movement,” he added.
Market sources said exporting steel mills had been considering adjusting offers by$15-20/mt to push volumes but contrary to expectations post-Brexit, the Indian rupee had actually gained against the greenback.
With the rupee gaining to levels of INR 67.45 a dollar after breaching the INR 68 a dollar mark despite “Leave’ vote in Britain forced most exporters to adopt a wait and watch policy before adjusting HDG export offers, the sources said.