Indian exporter of hot dip galvanized (HDG) coil have maintained their offers at $670/mt FOB during the past week despite facing a sharp fall in trade volume in key markets and falling prices in Gulf Co-operation Council (GCC) region, traders said on Thursday, April 4.
“Buyers in markets like GCC were not willing to make any commitment to offers received as dealers there were already carrying high stocks with absence of any demand uptick,” a Mumbai-based trader said.
“Merchant exporters here were not willing to aggressively price their offers to push volumes overseas with the Indian rupee on an upward trend against the US dollar and currently ruling at an 8-month high,” the trader added.
According to two other traders, local merchant exporters were also awaiting trends in ex-China offers after changes in value added tax takes effect in China this month and exporters here would possible adjust ex-Indian offers accordingly to keep pace with competitive offers.