India export offers for hot dip galvanized (HDG) coils have remained stable at $830/mt CFR US but negligible transactions have been reported in the market following talks of antidumping (AD) investigations by the US Department of Commerce, traders said on Thursday, August 20.
"Details of the investigations are sketchy and information on steel product categories exported from India under investigations are yet to be received, but buyers have retreated without concluding any significant transactions," a Mumbai-based trader said.
"There is a lot of nervousness in the market and local exporters are busy seeking more information on the move by the US Department of Commerce," the trader said.
Market sources said that Indian HDG offers to Gulf Co-operation Council (GCC) markets have moved down marginally by $5-10/mt to the range of $585-590/mt amid a weakening of demand, and buyers from the region have restricted their transactions to small volumes to avoid stock pile-ups.