Indian export offers for hot dip galvanized (HDG) coils have remained stable during the past week at around $820-825/mt CFR US but transaction volumes have dipped significantly in the same period amid declining US prices and weakening demand, traders said on Thursday, October 1.
"Several US buyers have reported that prices of flat steel products in the North American market have been weakening and distributors are facing a fall in offtake," a Mumbai-based trader said.
"Several US buyers have been seeking prices $15-20/mt lower than current price levels but Indian exporters have been unwilling to reduce their offers, leading to stagnant market conditions," the trader added.
Market sources said that, after having adjusted their offers twice during the past month, Indian exporters are unwilling to do so in order to keep pushing volumes.
Market conditions in Gulf Co-operation Council (GCC) region have also remained stagnant amid tepid demand, sources said.
No significant transaction volumes at offers in the range of $580-590/mt CFR Gulf have been reported, the sources added.