Indian export offer prices for hot dip galvanized (HDG) coils have fallen by $10-15/mt to the range of $880-885/mt CFR US over the past one week, with buyers putting downward pressure on producer-exporters' higher offers for May shipments, traders said.
"Transactions have been minimal during the past one week. Buyers have been aggressive in resisting the higher offers pushed by Indian producers and traders ," said a Mumbai-based trader-exporter.
"US buyers have made some inquiries but no bookings have been reported during the past one week. Gulf buyers were also absent, according to market reports," the trader said.
Market sources said that it was not that demand in key markets like the US and Gulf Co-operation Council (GCC) has dipped, but rather that buyers have been resisting Indian exporters' push towards higher HDG prices. Moreover, export offers ex-China had indicated a sharper fall and most Indian exporters have not adjusted their prices by the same margin, causing buyers to exit the Indian market.
Market sources said that Indian HDG offers may have a further downward potential of $10-15/mt.