Indian exporters of hot dip galvanized (HDG) coils have maintained their offers unchanged at $720/mt FOB during the past week in the absence of any interest among US buyers, traders said on Thursday, October 19.
“US steel distributors are still waiting for domestic flat product prices to bottom out before considering imports,” a Mumbai-based trader said.
“At the same time, having already lowered offers earlier in the month but failing to trigger any buying interest, Indian HDG exporters do not have any significant pricing power, and especially with the Indian rupee strengthening against the dollar,” the trader added.
According to two other traders, large exporting steel mills, in the absence of any significant opportunities to ship HDG overseas, have shifted their sales to their domestic market where prices and demand are steady.
Market sources have said that buyers from the Gulf Co-operation Council region have made inquiries but have not concluded transactions and are possibly waiting for a further fall in offer prices.