Ex-India hot dip galvanized (HDG) and cold rolled coil (HDG) prices have been kept mainly stable by local large mills, while trading activity has remained halted amid buyers’ scepticism over the slight recovery in flat product prices globally, leading them to defer purchases, while local sellers continue to hold back offers, SteelOrbis learned from trade and industry circles on Thursday, July 4.
Sources said that ex-India HDG (Z120) prices are unchanged at $760-780/mt FOB, but even the stray deals seen in earlier weeks have faded as sellers have lacked the appetite to discount prices to conclude sales. According to sources, ex-India HDG offers in southern Europe have remained at around $850/mt CFR, the same as last week.
Meanwhile, offers for ex-India CRC have been voiced at around $680-690/mt FOB, slightly down by $5/mt week on week, with offers to southern Europe have been reported at around $740/mt CFR, against $735-745/mt CFR last week.
“Flat product prices are showing tentative signs of a marginal recovery in the Asian region. But buyers are largely not convinced that a recovery is imminent and hence are continuing to defer restocking,” a source at Tata Steel told SteelOrbis.
“We hear that buyers from the Middle East are submitting bids, but prices are not working out for sellers and hence there has not been any confirmed deals. In our assessment, more than the price, weak demand across most destinations is weighing on the market,” he added.