Ex-India hot dip galvanized (HDG) coil prices have remained stable over the past week, though no deals have been reported owing to the significant gap between bids and offer, SteelOrbis learned from trade and industry circles on Thursday, October 26.
Sources said that ex-India HDG 0.57 mm, Z120-140, was quoted at $810-840/mt FOB, but bids have continued to remain below the $800/mt FOB mark, prompting local sellers not to respond. There was a slight improvement in buying interest from Europe and to some extent from the UAE in terms of enquiries, but price bids have continued to remain unacceptable to local sellers.
“There is no urgency among large mills to push sales at lower prices, because most do not have any exportable volumes available until December,” a source at ArcelorMittal Nippon Steel Limited told SteelOrbis.
“Mills are continuously assessing the situation. If bids improve above the $800/mt FOB mark in November, sellers would be prompted to commit export allocations for the January-March quarter and to respond to the higher bids once January delivery bookings commence towards the end of November-early December period,” another source said.