Indian export offers for hot dip galvanized (HDG) coils have remained at $870/mt CFR US in the past week but shipment volumes have dipped marginally as cautiousness has crept in among US buyers, traders said on Thursday, November 27.
"Stable flat product prices in the US market have kept buyers interested in Indian HDG offers," a Mumbai-based trader said.
"However, due to uncertainty regarding the sustainability of flat product prices, reported high stocks at ports and year-end considerations coming into play, US buyers have become cautious about concluding transactions for large volumes," he said.
At the same time, market sources said that demand in the Gulf Co-operation Council (GCC) markets has been sagging and this has forced Indian exporters to adjust their prices in order to maintain their shipment volumes.
Indian HDG offers during the week have declined by $20/mt to the range of around $680/mt CFR Gulf, though a large number of offers are reported to have been turned down as buyers in the Gulf region are unwilling to risk building up their inventories, the sources added.