Indian hot dip galvanized (HDG) coil exporters have maintained their prices at high levels, but trades have been limited to stray discounted deals, with buyers bidding lower ahead of the Chinese holiday and the expected further softening of prices, SteelOrbis has learned on Thursday, October 1.
Market sources said that, while integrated steel mills have maintained HDG export offers at $580-590/mt FOB, buyers’ price ideas are lower by at least $5-10/mt and limited trades have been done at $570-580/mt FOB as key markets in the Gulf and Southeast Asia saw prices trending down over the past week and also given the expectations of a correction gaining ground once ex-China offers resume after the holiday.
At the same time, Indian exporting integrated steel mills have not been willing to aggressively push volumes overseas as even their limited export focus is currently on hot rolled products and not on thinner gauge HDG exports.
The sources said that a western India-based steel mill has concluded a comparatively small tonnage export trade for 8,000 mt at around $575/mt FOB.
An eastern India-based steel mill has concluded a similar tonnage export contract with an Asian buyer for 10,000 mt at $570-575/mt FOB for December delivery, market sources said.