Indian exporters’ hot dip galvanized (HDG) coil offers have remained stable over the past week at $645/mt FOB, with Gulf buyers continuing to conclude small-volume contracts, traders said on Thursday, February 7.
"Having increased offers marginally late last month, most traders have kept their offers unchanged during the past week to conclude small-volumes contracts with Gulf buyers considering the slack activity from Chinese exporters,” a Mumbai-based trader said.
“However, most Gulf buyers have been cautious about stepping up their purchases since demand in the Gulf Co-operation Council (GCC) markets continues to be weak and as HDG offers are expected to soften amid increased supplies after the Chinese holiday,” the trader added.
According to two other traders, none of the large domestic steel mills have even been submitting offers and are instead focusing on domestic sales where price margins are higher.