Indian export offers for hot dip
galvanized (HDG) coils have remained unchanged at $865/mt CFR US during the past week but transaction volumes have remained on the low side as exporters have postponed price adjustments even though other HDG import prices for the US have been falling, traders said on Thursday, January 8.
According to a Mumbai-based trader, US steel import prices for flat products have started to fall at the start of the New Year. The trader said that HDG exporters in China and Southeast Asia have been quick to adjust their prices to maintain shipment volumes to the US market, but Indian steel mills and exporters have not made a call on their pricing yet.
"The fall of the Indian rupee to a near 13-month low has provided Indian exporters with an opportunity to lower their offers to grab market share but most have been cautious about doing so due to uncertainties regarding whether the Indian government will force the central bank to intervene and support the currency for political reasons," the trader added.
Meanwhile, market sources said that activity in the Gulf Co-operation Council (GCC) region has also remained subdued and offers ranging at around $690-700/mt CFR have failed to evoke any significant response.