The brief revival in Indian hot dip galvanized (HDG) exports earlier was reversed during the past week with sellers holding prices stable after they had been forced to lower them earlier, while trading has been muted amid year-end considerations and the bearish outlook, SteelOrbis has learned from trade and industry circles.
Ex-India HDG prices are at $1,050-1,080/mt FOB, stable from last week, but lower than $1,080-1,100/mt FOB two weeks ago.
According to the sources, imported flat steel prices declined in key markets like the UAE and Saudi Arabia, and demand has come to a halt, reportedly because distributors are fully stocked up and are unwilling to increase bookings as the year ends.
Stray deals which emerged early in the month in select African countries have also not been sustained, leading to almost inactive market conditions, the sources said.
The only minor-volume deal was reported by an eastern Indian mill for 8,000 mt with a Middle East-based buyer at $1,060-1,070/mt FOB for February shipment.
