Ex-India hot dip galvanized (HDG) prices have been stable over the past week amid inactive market conditions with uncertain tariff regimes ahead keeping buyers away, while sellers also with almost exhausted export allocations are refraining from submitting discounted offers to push sales, SteelOrbis learned from trade and industry circles on Thursday, February 20.
With the ex-India price unchanged at $700-740/mt FOB, the only exception to the silent trading activity was a deal for 5,000 mt in a volume transfer between a local private steel mill and its affiliate, a Brussels-based trading firm, but no indication of the agreed transfer price was available in industry or trade circles, as related-party transactions are not disclosed.
According to sources, a negotiation between a large local mill and a Qatar-based trading firm was heard in the market for about 10,000 mt, but there was no confirmation available as to whether a deal was finalized or not by the time of publication.
“Most drivers of ex-India HDG are in negative territories. Buyers are awaiting clarity on the impact of the tariffs proposed by the US and possible countermoves. In the midst of these, there are more competitive ex-China offers. As for Indian mills, no offers are being submitted as most have exhausted export-allocated volumes and are unlikely to be present in exports, at least until the start of a new quarter in April,” a source at ArcelorMittal Nippon Steel Limited told SteelOrbis.
