Indian exporters of hot dip galvanized (HDG) coils have reduced prices for the second consecutive week by $10/mt to $550-555/mt FOB as competition with Chinese sellers has been tough, but buyers’ in key markets like the Gulf region have showed little interest even at lower prices, SteelOrbis has learned on Thursday, March 19.
Market sources said that, logistically, shipping lines plying the Gulf-Indian west coast have been unwilling to ship tonnages to Indian ports owing to the sharp increase in the ship turnaround time.
Only one export deal was concluded by a western Indian integrated steel mill for an estimated volume of 6,000 mt with an Asian trader for April delivery at around $554/mt FOB, market sources said.
According to a manager at an eastern India-based steel mill, while competition with Chinese exporters, who have continued to lower their prices, remained high, buyers will be cautious in purchases, seeing the possibility of a further price drop.
