Indian export offers for hot dip galvanized (HDG) coils have remained stable at around $840/mt CFR US amid low buying interest and modest transaction volumes, traders have said.
"Indian exporters have been unable to push through significant transactions for July-early August shipments during the past week owing to buyers' cautiousness," a Mumbai-based trader said.
"HDG offers ex-China have been falling and have declined by an average $5-10/mt on FOB basis, but resulting in a lack of interest in the Indian market," the trader added.
Market sources said few enquiries have been received from the Gulf region but no major transactions have been reported in the market during the week.
However, a section of traders said that they may prune their offers this week by another $5-10/mt to compete with ex-China HDG, since the ongoing weakening of the rupee against the dollar would enable higher realizations from export earnings in rupee terms.