Indian export offers for hot dip galvanized (HDG) coils have been adjusted down marginally during the past week by $5-10/mt to $775-780/mt CFR US, but have failed to boost interest among buyers, traders said on Thursday, May 5.
“Exporters in India are confused by the lack of buying interest despite the lowering of export offers and the rising flat products market in the US,” a Mumbai-based trader said.
“One view in the market is that nervousness persists among buyers due to the trade cases filed in the US against imported Chinese flat steel products,” he added.
Market sources said that exporters will likely wait another while for the price adjustments to impact transaction volumes, before considering another round of price decreases.
However, the market sources added that fresh adjustments would be subject to the rupee continuing to slide from its current level of INR 66.56 to the dollar. Any slide to levels of INR 67 to the dollar would enable exporters to revise their pricing strategy down by a further $10/mt, the sources added.