Indian hot dip galvanized (HDG) coil exporters have kept prices high or even increased them slightly despite buyers retreating particularly in the EU region amid a combination of resistance to high prices and sufficient stocks at present, SteelOrbis learned from trade and industry circles on Thursday, April 14.
Indian HDG exporters are offering at $1,340-1,360/mt FOB mainly, stable on average from offers seen last week. Even though there was one deal at this level, most bids have already fallen to below $1,300/mt FOB.
“It is a stalemate situation between buyers and sellers. EU buyers are holding back deals in resistance to very high prices and are expecting a correction. Sellers for their part are focusing on high export realizations to offset rising costs,” a source at a private steel mill said.
“The Gulf region, a mainstay destination of ex-India HDG too is showing muted activity owing to Ramadan and shorter business hours. We have to wait and watch whether buyers or sellers blink first and offer the next pricing direction,” he said.
