Indian integrated steel mills have set their hot dip galvanized (HDG) export prices during the past week at $560-570/mt FOB, versus $560-565/mt FOB over the previous week. Importers have been reluctant to accept such a high level - stray low-tonnage deals have been done with EU buyers and low demand has persisted in the Gulf, sources told SteelOrbis on Thursday, September 3.
Exporters have also not been willing to push higher volumes overseas until such time local integrated steel mills have completed price revisions for hot rolled coil (HRC) and a matching increase in ex-India HDG prices.
Sources said that a western India-based steel mill has concluded a deal for 8,000-10,000 mt of HDG for November delivery with an EU-based trading firm at the price of $560-565/mt FOB.
An eastern India-based steel mill has reported a deal for a similar small tonnage of around 8,000 mt for November delivery with a Dubai-based trading firm at around $565-570/mt FOB.
“Ex-India HDG deals are almost at a standstill. Buyers are finding current prices not commensurate with demand in their own markets. Exporters, led by integrated steel mills, are unwilling to push volumes at current prices until such time they are adjusted to higher local prices, expected over the next few days,” an official at JSW Steel said.
