Indian export offers for hot dip galvanized (HDG) coils have continued to find strong buying support during the past week, with offers remaining in the range of $780-785/mt CFR US, against the backdrop of the sustained strength of flat product prices in North American markets, traders said on Thursday, April 14.
“Strong buying interest has been seen from US buyers, with several North American steel distributors telling us of rising flat product prices,” a Mumbai-based trader said.
“However, Indian HDG exporters are unsure of whether the trend will be sustained among reports that US steel mills are facing resistance to price increases and will not be able to keep pushing up local flat product prices,” the trader added.
A second Mumbai-based trader said that some exporters were considering a marginal increase in offers of $5-10/mt to offset the appreciation of the Indian currency against the dollar, but would implement the adjustments only if buying support is sustained through the current month.