Indian hot dip galvanized (HDG) coil exports offers have remained stable during the past week at $620-635/mt FOB, while transaction activity in the market has been negligible with US buyers not responding to offers, traders said on Thursday, August 18.
“Most US buyers are deferring any transaction as US domestic flat product prices are expected to slip further,” a Mumbai-based trader said.
“With the Indian currency appreciating against the dollar, Indian HDG exporters do not have much pricing power to aggressively push volumes,” the trader added.
Market sources said that, without any currency advantage, India HDG offers are losing out to Chinese offers.