Indian export offers for hot dip
galvanized (HDG) coils have remained unchanged during the past week at around $830/mt CFR US amid reports of rising inventories held by US market intermediaries and a lack of information on trade petitions, traders said on Thursday, August 27.
"Most buyers have reported a stock build-up and most offers have failed to be converted into transactions," a Mumbai-based trader said.
"Also, information on trade petitions filed with the US Department of Commerce against flat steel products is scanty. Unless response and actions on the trade petitions are known, the direction of offer levels will not be clear," he added.
Market sources said that several Indian HDG exporters are ready to adjust their offer prices now that the Indian rupee appears to be remaining weak below the INR 66 to a dollar mark, but most exporters prefer to wait for buying trends to emerge before factoring in the weakening rupee into their offers.
Buying interest in the Gulf Co-operation Council (GCC) markets has also remained at low levels during the past week and offers marginally below the $600/mt CFR Gulf mark have failed to attract significant transactions, with buyers anticipating offer levels will dip, sources said.