Indian export offers for hot dip
galvanized (HDG) coils have remained stable during the past week at $855-865/mt CFR US, against the backdrop of a fall in transactions volumes as local exporters have been slow to adjust prices in reaction to declining prices in the US, traders said on Thursday, January 22.
"US steel import prices have been falling rapidly and Indian HDG exporters have been caught on the wrong foot by the appreciating Indian currency, and so they have been slow to adjust their offers to keep pushing volumes," a Mumbai-based trader said.
"With most US steel mills lowering prices, Indian exporters have failed to match competition from Chinese HDG exporters, resulting in very few significant transactions materializing during the week," he added.
The Indian rupee has recorded gains for the sixth consecutive week, standing on Thursday at around INR 61.59 a dollar and the rebound of the currency has put pressure on export transaction activity.