Indian hot dip galvanized (HDG) exporters have increased prices for the second consecutive week despite a slight softening of the markets in the EU and Gulf and lower trading activity over the past week, SteelOrbis learned from trade and industry circles on Thursday, February 3.
Ex-India HDG prices are up $10/mt to $1,060-1,085/mt FOB as mills have aligned prices with the higher hot rolled coil (HRC) prices announced over the course of last week.
“HDG prices are inching down in the EU region. But we do not think it is a negative correction and just a minor re-adjustment after the spikes last month. We expect import activity to revive in the EU as most auto companies have concluded long-term supply agreements at higher levels and higher ex-India prices will find acceptance going forward,” a source at ArcelorMittal Nippon Steel Limited (AMNS) said.
“Despite slow trades emerging from the EU, Indian sellers are able to conclude deals in the UAE, although volumes are on the lower side,” he added.
Sources said that a western India-based private mill has reported a trade for 10,000 mt with a buyer in the UAE at $1,060-1,070/mt FOB for end-of-March shipment.
The same mill also concluded a deal for 8,000 mt, also for March, with a Middle East-based trading firm at around $1,060/mt FOB, the sources said.
Another private sector mill is heard to have concluded a small-volume deal of 5,000 mt at $1,070/mt FOB.
