Indian hot dip galvanized coil (HDG) exporters have maintained their offers unchanged in the range of $620-635/mt FOB in the past week, but US buyers have continued to remain out of the market as flat product prices have been losing ground in the US, traders said on Thursday, August 11.
“Some US buyers received offers but did not show interest. Reports received indicate that buyers in the US are deferring any transactions, waiting for softening US flat product prices to stabilize,” a Mumbai-based trader said.
“Reports received in India indicate that there is uncertainty among buyers amd the US International Trade Commission’s continuing investigations into Chinese steel imports and its review of earlier decisions, and this has dampened sentiments among US importers,” the trader added.
Market sources said that transaction volumes to Gulf Co-operation Council markets have also come to a virtual standstill amid a sharp slowdown in demand, with sources adding that only Chinese flat product exporters are seen to be concluding modest transactions in the region through aggressive pricing which Indian exporters have been unable to match.