Indian galvanized steel export prices rise
Indian steel mills' GI export offer rose by US$10/ton week on week, but the price in the main market had started to fall.
Local traders pointed out that buying in major markets such as the Persian Gulf countries, Indonesia and Vietnam had recovered slightly, and purchasers were still waiting for further cut-price, steel mills' price hike may not be able to get support.
It was understood that the reason for the price increase was mainly due to the risen export price of Chinese steel, and suppliers considered the Indian rupee to appreciate slowly and attempted to increase the price to make up its profit.
However, at present Indian export GI price was still under fluctuation, and such up-trend was obviously not strong enough to extend. In addition, some suppliers indicated that after announced new offer, they did not receive buyers' response from the Persian Gulf countries. It meant that buyers were inclined to wait for the next round of price cuts due to weak demand.