Ex-India hot dipped galvanized (HDG) coil prices were kept stable by most sellers with at least two mills heard to have submitted lower offers in Italy, but deals could not be confirmed in an otherwise lacklustre market condition.
Sources said that ex-India HDG (Z120) offers were stable in range of $685-700/mt FOB but at least two large integrated mills were reported to have submitted offers in the range of $650-660/mt FOB in western Europe, to push sales in a declining market.
According to the sources, trade for aggregate tonnage of around 20,000 mt sales for Italy delivery, were heard to have been concluded by both the sellers at average price of $650/mt FOB but without any confirmation of the deals available from the sellers’ side.
“We have heard of limited deals, but these do not signify any definitive trend as numbers and the price are too low. Moreover, with the holiday season starting in Europe, we do not see any overall revival in trade activity or prices in the near term,” a source in ArcelorMittal Nippon Steel Limited told SteelOrbis.
“Flat product prices are improving slightly in Asia. This may have some positive impact in the Middle East where buyers are still cautious and since adequately stocked are resistant to higher prices. So, it is wait and watch ex-China trends before Indian sellers can adjust prices to push sales in Middle East,” another source added.