Indian export offers for hot dip
galvanized (HDG) coils have remained stable in the range of $780-795/mt CFR US in the past week, but transactions have been negligible amid nervousness over fresh trade complaints by US steel mills, traders said on Thursday, April 28.
"Of course the initial complaints by US steel mills target Chinese flat steel products and the mills have sought a ban on imports due to allegations of price rigging and unfair trade practices," a Mumbai-based trader said.
"But this has triggered nervousness among US distributors and importers and they have been almost absent from the Indian market also," the trader said.
"It is still not clear how US importers will react to the latest complaints. The uncertainty is expected to last until such time as the US International Trade Commission decides the case," he added.
However, some market sources claim that punitive trade measures against Chinese steel mills and exporters may have a salutary impact on Indian HDG with more US buyers looking towards the Indian market, although the sources added that it is still too early to make a forecast with any degree of certainty.