October 2008 | Galvanized Steel and Tinplate Market Tracker
Indian HDG market prices soften: Asian Market Highlights
Indian HDG prices are reported to be falling across the board due to a combination of weakening demand and buyers' difficulty in obtaining credit.
Indian HDG prices are reported to be falling across the board due to a combination of weakening demand and buyers difficulty in obtaining credit. Sluggish conditions in Europe have reduced exports considerably particularly in Indias pre-painted sector, which exports 70-80% of production. Reported prices for pre-coated coil are around $1,200-1,250/tonne fob.
The central banks move to reduce the cash reserve ratio to 6.5% from 9% has seen an easing in the cash crisis, with improved liquidity. We expect to see positive effects over the next few months. Sentiment in the marketplace is bearish, with any price recovery for HDG not expected until early 2009. Chinese mills continue to be a concern for Indian exporters in terms of the competition they represent in the EU markets, and as a source of cheap imports entering the...
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