Indian HDG export offers decline

Thursday, 09 August 2018 15:12:21 (GMT+3)   |   Kolkata
       

Indian exporters’ hot dip galvanized (HDG) coil offers decreased by around $10/mt during the past week to $720/mt FOB, in response to slowdown in local market and give push to Gulf shipments which showed signs of reviving in earlier weeks, traders said on Thursday, August 9.

“The lowering of offers by exporters is a compulsion of international and local factors,” a Mumbai based trader said.

“Ex-China HDG offers have weakened during the past week and local exporters have fallen in line to stay in the market. At the same time, stock movements in the local market, across flat products have slowed down over the past weeks and exporters, traders and large steel mills are keen to give a push to Gulf shipments where modest volume transactions have started to emerge recently,” he added.

According to two other traders, while traders have been successful in concluding small volume transactions in Gulf Cooperation Council markets, buyers in the latter had been insisting on discounts to increase their commitments in the local market and informal discounting in earlier weeks has just been made official by lowering offers.

But it is still to be seen if $10/mt of price decline will be sufficient to attract more buyers of higher volumes from the Gulf markets, the two traders said adding that ex-India HDG offers are likely to slide further in the coming weeks if the local currency continues to depreciate and touch the INR 70 a dollar mark from current level of INR 68.70 a dollar mark.


Similar articles

Ussuri Capital to build low-carbon emissions flats plant in Romania

29 Mar | Steel News

Flat steel prices in local Taiwanese market - week 13, 2024

28 Mar | Flats and Slab

US sheet prices tick up modestly ahead of Easter weekend

28 Mar | Flats and Slab

US HDG imports up 10.6 percent in February

28 Mar | Steel News

Chinese HDG export prices mainly stable, with negative bias in some offers

28 Mar | Flats and Slab

Ex-India HDG and CRC prices edge down, trade remains in doldrums

28 Mar | Flats and Slab

HDG consumption in Mexico up 12.0 percent in January

27 Mar | Steel News

Japanese crude steel output down 3.8 percent in February from January

27 Mar | Steel News

US flats source believe HRC prices are “at or near the bottom”

22 Mar | Flats and Slab

Romania’s sole flats mill cuts HRC prices, raises HDG and PPGI prices

22 Mar | Flats and Slab