Indian exporters have kept their export offers for hot dip
galvanized (HDG) coil to the US unchanged at $850/mt CFR, in anticipation of revived buying interest despite the low volume of inquiries in the first few days of the New Year, traders said on Friday, January 3.
According to a Mumbai-based trader, HDG inquiries coming from US buyers have dried up over the past few weeks owing to the holiday season, but traders are anticipating a revival of interest with the resumption of business activity.
Local reports that steel distributors in the US market had liquidated much of their inventory ahead of the holiday season in order to avoid higher taxes and hence Indian exporters are anticipating revived buying, prompting most exporters to keep their export offer levels stable.
Market sources state that, with the Indian rupee showing signs of weakening against the US dollar, exporters could be expected to lower their offers by $5-10/mt to grab a market share once buying interest revives over the next week.