Chinese HDGI (1 mm) export offers reported decline this week by USD 5/MT owing to short selling and thin trading among overseas buyers. Also softening of domestic market ahead of Chinese New Year in turn leads to fall in export offers from China.
Currently HDGI 1mm 120 g zinc coated export offers are assessed at USD 670-675/MT,FoB China.Previous week the offers stood at USD 670-680/MT,FoB basis.
Major mills in China have also lowered their export offers which are heard around USD 680/MT FoB basis.Amid limited trades and bearish sentiments in domestic market Chinese mills are ready to offer discounts and accept the lower bids from overseas buyers.
Indian exporters resumed HDGI export offers- Few market sources reported that Indian exporters have resumed their HDGI export offers and are offering at USD 780-800/MT FoB basis.However no major deals have been concluded yet.
Domestic GP prices in India rose marginally-Domestic GP (Galvanized plain coil) increased marginally this week.Few regions in domestic market witness the marginal rise of INR 500/MT despite lower bookings.
Currently price assessment for Galvanized plain coil (0.8 mm, 120 GSM) is at : INR 54,000/MT (ex-Mumbai), INR 53,000/MT (ex-Chennai), INR 54,000/MT (ex-Delhi) and INR 54,000-58,000/MT (ex-Hyderabad).
Also Indian mills are planning for further hike in flat steel prices in upcoming month amid lesser availability of material in domestic market.
Leave a Reply