Indian hot dip galvanized (HDG) coil export offers have moved sideways at around $850/mt CFR US during the past week, but buyers have reduced their purchases as flat product prices have retreated in several markets in the US, traders said on Thursday, April 9.
According to a Mumbai-based trader, several US buyers said that flat product prices have declined by $15-20/mt in local markets and so buyers are cautious about concluding fresh HDG import transactions.
Some US buyers said that they are already saddled with higher-priced imported HDG shipments due in April and requests for higher discounts of $20-30/mt have been turned down by Indian exporters, the trader added.
However, market sources said that, though trading volumes to the Gulf Co-operation Council (GCC) markets have been limited, modest transaction volumes have been concluded in the range of $620-630/mt CFR Gulf. The sources said that, while offer levels to the Gulf markets are expected to remain stable, booking volumes are unlikely to improve since demand from end-users in the region is seen to be stagnating.