Over the past week, Indian exporters’ hot dip galvanized (HDG) offers have remained stable at $760/mt FOB, with fewer buyers present in the local market particularly from the Gulf region, traders said on Thursday, June 14.
“Transaction volumes and even the number of active buyers in the market have showed a decline during the past week. The fall in market activity could largely be attributed to Gulf buyers being unwilling to conclude transactions ahead of the end-of Ramadan holiday,” a Mumbai-based trader said.
“However, despite the fall in activity, Indian exporters have kept their offers largely stable based on reports that ex-China HDG offers are stable and that Chinese exporters are not pushing export volumes aggressively considering high earnings in their domestic market,” he said, adding that Indian exporters could be expected to maintain offers unchanged until business activity resumes in the Gulf after the holiday and to await price trends thereafter.
According to market sources, Indian exporters received inquıiries for small volumes of ex-India HDG from Gulf buyers early in the week, but transactions could not be concluded over differences on pricing.
The Gulf inquiries put in bids in the range of $830-840/mt CFR Gulf, Indian exporters were unwilling to adjust offers to conclude transactions, the sources added.