Indian exporters of hot dip galvanized (HDG) have maintained their offers at around $660/mt FOB during the past week with negligible trades reported in the market and the revival of buyers’ interest seen earlier in the month proving to be short-lived, traders said on Thursday, April 18.
“Muted demand in most key markets like Southeast Asia and the Gulf Co-operation Council (GCC) region has kept buyers away from making commitments, while they consider current offers to be too high,” a Mumbai-based trader said.
“With ex-China HDG offers remaining stable and the Indian currency exchange rate also stable, Indian commercial exporters have little leeway in adopting aggressive pricing to push volumes overseas,” the trader added.
A section of the market said that a spate of scattered holidays in Indian since the past week owing to several regional festivals and a few bank holidays in-between also prompted a large number of traders to remain inactive during the current period.