Indian hot dip galvanized (HDG) coil export offers have remained stable over the past week at the higher level of $895/mt CFR US with producer-exporters pushing for increased prices as Chinese traders take a break for the Chinese New Year holiday, traders said on Thursday, February 14.
"A few transactions have been concluded for late April-early May shipments at around $895/mt CFR US. Taking advantage of the lull in China's export markets, a few Indian exporters have been pushing for prices above the level of $900/mt, but no reports of such transactions being concluded were available in the market," a Mumbai based trader-exporter said.
"However, China's exports are expected to revive gradually with Chinese traders returning to business, and if supplies remain tight there, Indian traders are confident of pushing transactions at higher price levels, he added.
At the same time, market sources said that there has been some hesitancy among US buyers in concluding bookings as indicated by the fact that the healthy rise in the volume of inquiries has not been matched by the number of transactions concluded for April-May shipments.
Meanwhile, it is reported that the European Union (EU) region continues to remain quiet with buying interest in Indian HDG very low, the sources said.