Indian exporters’ hot dip galvanized (HDG) offers have remained stable during the past week at $650/mt FOB, but virtually no significant transaction volumes were reported in the market, traders said on Thursday, May 2.
“A significant weakening of demand has been reported from key markets like the Gulf Co-operation Council (GCC) and Southeast Asia, and buyers have not even been responding to offers submitted by Indian commercial exporters and large Indian steel mills,” a Mumbai-based trader said.
“With even ex-China HDG offers being kept unchanged, buyers prefer to wait until prices are adjusted in line with weakening demand before even considering offers,” the trader added.
Market sources said that a few buyers from Southeast Asia are seeking discounts in the range of $10-15/mt to make bookings, but Indian commercial exporters are unwilling to accede to such demands, and so inquiries have failed to be converted into contracts.