Indian hot dipped galvanized (HDG) coil export prices consolidated gains of previous week at $840-850/mt CFR US levels on improved US buying interest and few EU inquiries, traders said on Friday, September 21.
"October-November shipment inquiries from the US have looked up marginally with bookings reported at $840/mt CFR, exclusive of the discounts offered last month. Small volume bookings from EU have been also reported ex-Mumbai, but volumes could not be ascertained," a Mumbai-based trader said.
"The revival of buying interest from US though low in volume has enabled Indian HDG exporters to pull back discounts to maintain presence in their key market. But negative buying sentiments in the EU and Middle East continues to be a concern," the trader said.
According to a Kolkata-based trader, Chinese domestic HDG prices firmed up in the past week, but this has not been reflected in export price offers.
"If ex-China price continues to remain below Indian domestic prices, Indian exporters will also have to revert to discounts of $20-30/mt, as until last month, to retain market presence," he said.