Indian export offers for hot dip galvanized (HDG) coils have remained stable during the past week at around $795-800/mt CFR US amid inactive market conditions as buyers have stayed away, traders said on Thursday, November 26.
“Most US buyers have not even responded to offers. There are indications that most buyers are waiting for prices of US flat steel products to bottom out before starting to conclude transactions again,” a Mumbai-based trader said.
“It is also possible that, with high inventories, year-end considerations have kicked in early this year,” the trader added.
Market sources said that, after adjusting their offers earlier in the month, Indian exporters are also maintaining a wait-and-see stance and have refrained from further adjustments to push volumes.
The sources said that transaction activity from Gulf Co-operation Council (GCC) markets has also persisted at low levels, and, while Indian offers have remained stable at around $590/mt CFR Gulf, negligible transactions have been reported in the market.