Local Indian hot dip galvanized (HDG) coil export offers have remained stable during the past week at $615-620/mt FOB but the market has remained virtually inactive with exporters staying away from concluding transactions owing to the festival across the country, traders said on Thursday, October 27.
“Most businesses are concentrating more on clearing their business receivables during the festival rather than concluding transactions. Accordingly, there are very few transactions in the market,” a Mumbai-based trader said.
“Also, there have been very few US buyers in the market during the past week. Reports received from our buyers indicate that inventories at US steel distributors are at comfortable levels and buyers are unwilling to conclude fresh import bookings without a further demand uptick,” the trader added.
Market sources said that Indian HDG exporters will be compelled to consider another $15-20/mt adjustment since the HDG export market has remained virtually at a standstill during the entire month.