Indian export offers for hot dip
galvanized (HDG) to the US market have remained unchanged during the past week in the range of $870-875/mt CFR, but transaction volumes have fallen sharply owing to year-end considerations, traders said on Friday, December 12.
According to a Mumbai-based trader, most US buyers have pulled out of the market and they are not responding to the offers ahead of the holiday season and for year-end accounting reasons.
Also, the upward movement of flat product prices in the US market has not been as sharp as expected by most steel distributors, prompting them to go slow on concluding import transactions, he added.
Market sources said that, in view of buyers' lack of interest, Indian HDG exporters have preferred to delay adjusting their offers until after the New Year holiday, with offers expected to be $15-20/mt lower once volumes improve next year.