Indian exporters of hot dip galvanized (HDG) coils have maintained their offers at $595/mt FOB during the past week but have failed to evoke much response from buyers against the backdrop of the steady softening of ex-China offers, traders said on Thursday, June 13.
“Indian HDG exporters are in a no-win situation. After lowering offers for five consecutive week, the exporters are still competing against steadily falling ex-China offers and they do not have any window to keep adjusting offers further,” a Mumbai-based trader said.
“It has even become difficult for Indian traders to export relatively smaller volumes at lower margins to maintain a presence in key markets,” the trader added.
Market sources said a bare aggregate volume estimated at around 4,000 mt was concluded by a few exporters for shipments to Southeast Asian markets, while buyers in the Gulf Co-operation Council (GCC) have continued not to respond to Indian offers owing to lower ex-China offers.