US buyers show increased interest in Indian HDG export offers

Indian export offers for hot dip galvanized (HDG) coils have remained firm during the past week at around $870/mt CFR US as exporters were able to push higher volumes into the US market, traders said on Thursday, November 13.
 
"US steel mills are seen to be increasing prices of flat products despite market resistance. This has triggered buyers' interest in Indian HDG," a Mumbai-based trader said.
 
"Also, Indian exporters are seen to be offering discounts in the range of $10-15/mt in order to conclude transactions for higher volumes. They have also been helped by the fact that ex-China HDG offers have remained unchanged," he added.
 
However, sources said that a demand slump has hit markets in the Gulf Co-operation Council (GCC) region, with $10-15/mt discounted offers at around $690/mt CFR Gulf being turned down by buyers.