Indian hot dip
galvanized (HDG) coil exporters have marginally lowered their offers by $15/mt over the past week to $735/mt FOB but this has failed to have any impact in increasing activity as concerns over the US probe into steel imports has kept US buyers away from the Indian market, traders said on Thursday, June 8.
"Indian HDG exporters took advantage of the small movement of the Indian rupee against the US dollar to marginally lower their offers in the hope of pushing volumes overseas," a Mumbai-based trader said.
"However, US buyers have stayed away due to uncertainties linked to US investigations into steel imports, while business in the Gulf Co-operation Council (GCC) region has also remained at low levels and the adjustments of Indian offers have failed to have the desired impact," the trader added.
Market sources said that, according to reports, the US probe into steel imports under Section 232 is expected to be completed towards the end of June, and that the viewing of steel imports by the Trump Administration as a threat to national security is causing a scare amongst US buyers who are not inclined to conclude fresh bookings from the Indian market.