Indian exporters of hot dipped galvanized (HDG) coils have lowered their offers marginally about $10/mt to $850/mt CFR US but have faced with lukewarm response from US buyers, traders said on Wednesday, August 6.
According to a Mumbai based trader, the weakening of the Indian rupee against the dollar has enabled exporters to lower offers to gain buyers who have been staying away from Indian HDG for past few weeks.
However, US buyers have continued to remain cautious and awaiting price revisions in the US markets to run its course before making import commitments, he said.
"US flat steel products prices are ruling high with wide differences with import price. But still US buyers are cautious in committing overseas transactions for Indian HDG in view of continued looming trade case actions," he said.
Market sources said that no significant transactions have been reported from the Gulf Cooperation Council (GC) regions as business is yet to pick up in the post-Ramadan period.