Indian exporters’ hot dip galvanized (HDG) offers have decreased by $10/mt during the past week to $635/mt FOB, enabling small-volume contracts to be concluded with buyers in Gulf and Southeast Asian countries, traders said on Thursday, January 10.
“Indian commercial exporters have been forced to adjust HDG export offers in reaction to the weakening of ex-China offers,” a Mumbai-based trader said.
“However, despite the lower offers, only small-volume contracts have been concluded during the past week as buyers have been cautious about buying higher volumes given the uncertainties in flat steel product prices,” the trader added.
Market sources said that Gulf demand is reported to be steadily weakening and Indian exporters have reportedly offered an additional discount of $10/mt to conclude contracts at an effective price of $625/mt FOB.