Ex-India hot dipped galvanized (HDG) coil prices have remained stable with sellers drawing slight optimism from improved enquiries from the Middle East and unconfirmed small volume deals, SteelOrbis learned from trade and industry circles on Thursday, October 30.
Sources said that ex-India HDG grade Z120 were kept unchanged at $680-700/mt FOB levels with few local mills reporting rise in number of enquiries for small volumes at the lower end of the price range. They said that sellers were drawing optimism from improved enquiries and signs of increase in competitive offer prices even though market chatter on deals could not be confirmed. In particular, a deal for 8,000 mt for Qatar delivery from an eastern India based mill and another trade for 12,000 mt for the UAE delivery have been heard in market circles but these have not been confirmed by either of the sellers by the time of publication.
“Ex-India offers are gaining a marginal competitive edge as competing offers have inched higher. However, this, along with speculative trade news, does not indicate any sustainable rebound in overseas sales outlook for sellers,” an official with ArcelorMittal Nippon Steel Limited told SteelOrbis.
“Buyers in the Gulf are resisting any increase in offers as market seems to be fully stocked amid soft demand. Indian HDG sales overseas will continue to be a peripheral activity,” he added.