Indian exporters of hot dip
galvanized coils (HDG) have lowered their offers over the past week by $10-15/mt to about $860-855/mt CFR to attract buyers in the US market but have met with limited success, traders said on Wednesday, July 2.
According to a Mumbai-based trader, the weakness of the rupee against the US dollar has enabled exporters to lower their offers. However, efforts to push volumes achieved modest success since buyers in the US market have continued to be nervous over potential trade actions against imports from China,
India and Russia, the trader added.
Meanwhile in the Gulf Co-operation Council (GCC) markets, sources said that Indian HDG exporters have been able to conclude significant transactions at $730/mt CFR.
Indian HDG offers are attractive to buyers in the GCC despite some slowdown in overall demand owing to the start of Ramadan, since competition from Chinese HDG exporters is not reported in the region, the sources added.