Indian exporters of hot dip galvanized (HDG) coil have marginally increased their offers by $10/mt during the past week to $645/mt FOB, riding on the slight improvement in buying sentiments in key markets like Gulf, traders said on Thursday, January 31.
“Demand in the Gulf remains on the weak side. But, with Chinese exporters withdrawing from the international markets ahead of the Chinese holiday, Indian exporters are able to increase contract volumes slightly and take advantage of this to marginally increase offers and improve margins, a Mumbai -based trader said.
“However, the uptrend in offers and greater number of small-volume contracts, I feel, will be short-lived as a demand uptick is absent in the Gulf region,” the trader added.
According to two other traders, the key to buying sentiments will depend on trends in Chinese offers after the Chinese New Year holiday and Indian commercial exporters will also need to adjust offers in reaction to these trends.