Ex-India hot dipped galvanized (HDG) coil prices have remained stable over the past week amid close to zero trading activity as buyers from Europe absent with distributors either fully stocked or awaiting declines to gain momentum, SteelOrbis learned from trade and industry circles on Friday, April 21.
Ex-India HDG price remained stable at $900-1,000/mt FOB, but bids were lower and deals could not be finalized even in low trade market conditions.
“There is no clear direction in key destinations like Europe and the Middle East. Buyers in Europe are still showing activity post holidays last week. Eyes are now on how the Middle East market will react after holidays this weekend,” a source from large mill said.
“Mills in China are attempting to control downward price movement. Some mills are also testing a price increase. So, it is difficult to assess whether HDG prices will seek a new bottom as western buyers anticipated. Under the current circumstances, prices will show some volatility in the short term. It is not clear whether Indian mills will adopt a more aggressive pricing in overseas markets. Both buyers and sellers can be expected to remain cautious,” the sources said.