Indian exporters' hot dip
galvanized (HDG) coil offers have found support at around $850/mt CFR US during the past week, on the back of modest improvements in buying interest among buyers in the US, traders said on Wednesday, August 13.
"US local flat steel product prices are settling at higher levels amid increased activity. This has prompted some US buyers to look at Indian HDG offers," a Mumbai-based trader said.
"But transaction volumes are at intermediate levels since US trade actions on steel imports have persisted and investigations by authorities there are yet to run their course. Hence buyers are cautious but active," he said.
"At the same time, the fact that Indian exporters cut offers by about $10/mt early in the month revived interest among buyers," he added.
Market sources said that HDG offers in the range of $720-730/mt CFR have evoked a healthy response from buyers in the Gulf Co-operation Council (GCC) markets, with most exporters expecting transaction volumes to improve later this month as business activities pick up following the extended holiday earlier this month.