Ex-India hot dip galvanized (HDG) coil prices have been kept stable by large mills with small-volume discounted deals causing a marginal improvement but unlikely to trigger much change in the largely silent trade conditions, SteelOrbis learned from trade and industry circles on Thursday, January 23.
Sources said that ex-India HDG (Z120) prices have been kept stable at $710-740/mt FOB. However, with bids continuing to remain significantly lower, most sellers have remained on the sidelines. According to the sources, an eastern India-based integrated mill has concluded a deal for 3,000 mt for delivery to the Middle East at $690/mt FOB net of discount.
Besides, according to sources, mills have been reporting bids in the range of $680-690/mt FOB, lower than discounted prices being sought at $680-700/mt FOB a week ago.
Another large mill is heard to have carried out a negotiation for a deal for 5,000 mt for delivery to the UAE at a price pegged at around $680/mt FOB but, while no information was made available by the seller, market sources said that the buyer and seller failed to reach an agreement.
According to an official at a private mill, despite stray small-volume deals mostly at discounts seen over the past few weeks, buyers particularly in Europe are reluctant to look at imports.
“Not only has demand been weak amid the economic slowdown in major EU countries, uncertainties over global trade tariffs since the new US Administration has come in have been causing nervousness across the product value chain,” a market insider told SteelOrbis.
In the meantime, offers for ex-India cold rolled coil (CRC) have been reported at around $595-600/mt FOB, mainly the same as last week. According to sources, offers for ex-India CRC in Europe have been voiced at $645-650/mt CFR, standing in line offers from Vietnam and Taiwan, though interest in imports has been minimal.