Indian exporters of hot dip
galvanized (HDG) coils have marginally lowered their offers by $5-10/mt during the past week to $830-835/mt CFR US but have failed to push volumes, traders said on Thursday, July 30.
According to a Mumbai-based trader, Indian exporters have seized on the falling rupee to marginally adjust prices but buyers in the US have refused to take the bait due to combined factors of US steel mills fighting to keep local prices under check and speculation of fresh trade petitions on flat product imports.
The trader said that Indian exporters still have a small window to cut their offers further by $10/mt but are waiting for some clarity on all the talk of fresh trade petitions being considered by US steel mills.
Market sources said that conditions in Gulf Co-operation Council (GCC) markets are also similar, with Indian exporters having lowered offers marginally but with only limited volume transactions being concluded during the week as buyers have been waiting and watching, despite demand remaining strong. Indian HDG exporters cut their offers by $10/mt in the past week to around $590/mt CFR Gulf, the sources said.