Ex-India hot dip galvanized (HDG) coil prices have been maintained unchanged in the past week, and no large mills have reported submission of any offers, with the market continuing to remain inactive amid the combined effect of the year-end holidays, the uncertainties in Europe and weak demand in Middle East, SteelOrbis learned from trade and industry circles on Thursday, January 2.
Sources said that, while ex-India HDG prices have been maintained at $710-740/mt FOB, buyers have been absent and sellers hold a pessimistic outlook even for when business activities resume in full swing in key destinations.
They pointed out that, while Middle East demand remains weak, distributors in Europe had not even exhausted tariff quotas in October-December and hence, even if lower quotas are announced for January-March, import bookings for ex-India HDG will remain negligible.
“We are not rushing to finalize export allocations for January-March until we get more clarity on the markets in the West. We do not think any other large mill will make significant export allocations either. There are too many headwinds for exports from India. Global trade will see some dramatic changes in 2025,” a source at Tata Steel Limited said.