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Indian HDG export offers weaken as some mills seek orders - 19 April 2012

Indian export offer prices for hot-dip galvanized coils have weakened by $5-10/tonne over the past week as some exporters are now willing to consider lower prices for large volume orders, market sources told Platts Steel Business Briefing.

Offers for 0.3mm thick soft coils with 90 grams/square metre zinc coating currently average $940-950/tonne cfr USA, equivalent to $885-895/t fob. Prices last week had averaged $950-955/t cfr USA ($890-900/t fob).

A leading western Indian mill, known for its aggressive pricing, is willing to conclude deals at $920/t cfr USA for orders of at least 2,000t, company officials told Platts SBB. “We do not have sufficient orders for export,” one official said. He explained that the mill has secured some 4,000-5,000t of HDG export orders for June shipment but is looking to ship some 20,000t that month.

An official with another leading producer however insisted it is not offering at below $945-950/t cfr USA and claimed to have booked some orders close to these levels. The mill’s offers had averaged $950-955/t cfr last week. “Wherever their (the first mill’s) prices are aggressive, we are gracefully vacating the market for them,” the official said, adding that domestic Indian demand is robust.

Offers from a Mumbai-based re-roller are at $960/t cfr USA for similar material.

A Singapore-based trader said demand in the USA is “not spectacular” but “average” and that he received bids at $930/t cfr. “We are also talking of July arrivals into US – a lean period for the market there,” he explained. Indian HDG exports to Europe have been mostly quiet for several weeks, sources added.

 

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