Indian export offers for hot dip galvanized (HDG) coils have remained stable during the past week at around $690/mt FOB, but buyers in the US have kept away claiming that the Trump effect is impacting imports, traders said on Thursday, February 2.
“Most of our US buyers are receiving offers but are telling us that uncertainties over the Trump administration’s tariff policies are preventing them from concluding transactions. No significant transactions have been reported in the market in the past week,” a Mumbai-based trader said.
“Having marginally reduced offers last month, exporters like us have very little option in terms of pricing to aggressively push volumes either,” the trader added.
Market sources said that the increased strength of the Indian rupee against the US dollar has also eroded margins from export deals, resulting in reduced export transaction activity.
The sources also said that HDG export market conditions have also worsened due to poor demand and price conditions in the Gulf Co-operation Council (GCC) region.
They said that Indian HDG has been out-priced by Chinese exports to the GCC at $680/mt CFR Gulf and Indian exporters are not able to match such competitive pricing.