Indian exporters of hot dip galvanized (HDG) coil have maintained their offers at $670/mt FOB during the past week amid steady demand in key markets like the Gulf region, but Indian commercial exporters have been unwilling to push volumes owing to year-end considerations, traders said on Thursday, March 28.
“Reports in India indicate that local HDG prices in Gulf Co-operations Council (GCC) countries have been edging up, reviving interest in imports. However, Indian traders have not been aggressive in concluding transactions as they are unwilling to lock up working capital with days left to the end of the current fiscal year,” a Mumbai-based trader said.
According to two other traders, exporters have also been staying away from any price changes at the moment and instead prefer to wait for a new trend to emerge, particularly against the backdrop of reports that China is considering some changes in value added tax which would impact ex-China HDG offers.