Indian exporters have maintained their offers for hot dip galvanized (HDG) coils at around $850/mt CFR US, amid steady buying activity and the marginal strengthening of the rupee against the US dollar over the past week, traders said on Thursday, November 28.
Indian mills and exporters have not lowered their offers to push volumes in the midst of steady US inquiries and bookings for January shipments since the rupee has strengthened a little against the dollar, a Mumbai trader said.
Buying interest from the Gulf region has also been steady amid reports of low stocks in those markets though offers have been maintained at $740/mt CFR, while booking volumes for January shipments have been reported at higher levels during the week, the trader said.
Market sources said that buyers from the European Union (EU) have remained quiet and no transactions for HDG shipments have been reported since there has been confusion among buyers on short-term price trends with some buyers seeking lower offers for Indian HDG.