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Indian HDG export prices stable amid subdued demand - 22 June 2012

Indian export offer prices for hot-dip galvanized coils have held mostly stable over the past fortnight, with most suppliers reluctant to lower their offers despite demand remaining subdued. Many market participants now believe that any attempt to lower offers is unlikely to stoke buying interest, and that local producers would prefer to trim production instead.

Offer price levels for 0.3mm thick soft coils with 90 grams/square metre zinc coating continue to average $890-900/tonne cfr USA ($840-850/t fob) for July-August shipment, unchanged from levels seen a week ago. But buying interest is thin, sources said.

With demand remaining subdued in the US and European markets, Indian exporters have been turning to other regions. Last week, a Mumbai-based trader agreed to sell about 380 tonnes of 1.5-2mm thick coils with 180 gsm coating at $815/t cfr Jebel Ali (United Arab Emirates), including $15-20/t freight. The cargo had initially been offered at $840/t cfr, Platts Steel Business Briefing learnt.

Two western Indian suppliers were offering 0.17mm thick coils with 100 gsm coating at $1,070-1,080/t cfr Arica (Chile), including $70-80/t freight. They were also offering 0.22mm thick coils with the same zinc coating at $1,030-1,040/t cfr Arica, though no deals have apparently been concluded yet.

Another supplier was heard offering 500t of 0.1mm thick coils with 100 gsm coating at $1,250/t cfr Monrovia, Liberia, including $130/t freight.

“Markets are bad everywhere,” grumbled the Mumbai-based trader. “Buyers are wary, demand is subdued. Nothing new.”


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