Dull conditions have prevailed in the Indian hot dip galvanized (HDG) export markets with negligible transactions reported at offers of around $860/mt CFR US, traders said on Wednesday, July 23.
"There have been very few responses to Indian offers as US buyers are not inclined to conclude deals in view of current uncertainties," a Mumbai-based trader said.
"The full impact of US trade action against steel imports has yet to unfold. Buyers are unlikely to return until such time trade negotiators complete processes in multi-lateral agencies and domestic trade organizations in the US," he said.
"US domestic steel prices are also expected to undergo adjustments in the wake of the trade complications. Hence, importers prefer for their domestic prices to settle first, which would enable them to work out margins from overseas shipments," he added.
Sources said that export market conditions and transaction volumes have also fallen in reaction to antidumping investigations launched in Australia against Indian HDG imports, while buyers in the Gulf Co-operation Council (GCC) markets have been absent ahead of the Ramadan holiday.