Indian exporters of hot dip galvanized (HDG) coils have kept their offers unchanged over the past week at $690/mt FOB and their earlier discounts of $10-15/mt have been withdrawn as transaction activity has fallen to negligible levels amid declining US domestic flat steel prices, traders said on Thursday, February 16.
"Uncertainty over the impact of the Trump administration on the US steel market is taking a toll on trade. US buyers are almost absent from the Indian market as they are unwilling to conclude transactions in these uncertain times," a Mumbai-based trader said.
"Indian exporters have pulled back discounts which were on offer earlier. They see no point in pushing sales overseas at prices which are lower than domestic HDG prices in India," the trader added.
At least two other traders said that US steel imports in January were the highest over the past six months, and it is possible that fresh imports are tapering off with US-based distributors holding comfortable inventories.