Indian HDG export offers face cautious US interest

Indian export offers for hot dip galvanized (HDG) coils have remained at around $835/mt CFR US amid low buying interest and small volume transactions concluded during the past week, traders said.
 
"Local market reports suggest that flat product prices have been firming up in the US market. Distributors in the US market may be cautious about concluding fresh transactions and prefer first to gauge how the market is absorbing the price increases," a Mumbai-based trader-exporter said.
 
"Enquiries from US buyers have not been followed up by actual deals. Indian exporters have not adjusted prices to push transactions either," the trader added.
 
Market sources said that, with local steel mills poised to increase Indian domestic HRC prices, exporters of HDG have preferred not to cut their offers for overseas buyers until such time as domestic HRC prices have settled down.