Indian hot dip galvanized (HDG) coil export offers have been stable during the past week in the range of $830-840/mt CFR US amid falling buying interest, traders said on Thursday, July 9.
According to a Mumbai-based trader, buyers in the US markets have held back from concluding fresh deals, anticipating a fall in import prices.
"Some buyers have been cautious as speculation regarding fresh trading measure petitions for some categories of flat steel products has surfaced in the market though details and confirmations have been sketchy," the trader said.
"At the same time, US buyers are anticipating a fall in offer prices from exporters from China and the contagion impact of the meltdown in Chinese stock prices," the trader said.
A section of the market said that Indian exporters can do little to keep pushing volumes until buyers are sure of short-term trends in prices.
Most Indian exporters have also pulled out of the market since the appreciating rupee does not give them any leeway in adopting aggressive pricing for HDG exports, the sources said.
No significant transactions have been reported for the Gulf Co-operation Council markets over the past week, with offers being at around $600-610/mt CFR Gulf, failing to evoke any response.
Sources said that, though demand from end-users in the Gulf market, has remained strong, trading activity is only expected to improve towards the end of the current month after Ramadan.