Indian exporters of hot dip galvanized (HDG) have kept their offers stable in the range of $635-645/mt FOB amid a steady rise in transaction volumes as US flat steel prices seem to be maintaining their upward trend, traders said on Thursday, December 1.
"Reports received in India have indicated that several US steel mills are revising their HDG prices upwards for fresh bookings, and so more US steel distributors are making enquires in the Indian market," a Mumbai-based trader said.
"The Indian rupee has continued its weak trend against the US dollar, which ensures healthy margins and more Indian exporters are focused on volumes," the trader added.
However, some market sources said that, despite the weak rupee and higher buying interest, Indian exporters after increasing their offer levels last month are wary of another round of revision in export offers in order to stave off Chinese competition.
It is pointed out by sources that Chinese HDG export offers are at around $630/mt FOB, which limits any further headroom for revising Indian HDG export offers.