Galvanized coil price goes into stable trend

SteelOrbis Shanghai This week, the market prices of galvanized coils have gone into a stable trend with slight decrease. The trading volume became better compared with last week, and market inventories decreased a little. Some steel mills released new ex-factory price lists this week. On August 10, the average market price of 1.0 mm galvanized coil was RMB 5,467/mt ($686), down RMB 40/mt ($5) week on week; that of 0.5 mm galvanized coil was RMB 5,683/mt ($713), up RMB 16/mt ($2) compared with the price in last weekend. Meanwhile the price of 0.23 mm galvanized coils imported from Indian Bhushan is RMB 7,250/mt ($910), down RMB 53/mt ($7). This week, the market demand enlarged slightly compared with last week. The market inventories of galvanized coil decreased a little. Meanwhile, the market price of cold rolled and hot rolled coil remained calm recently. So, the market price of galvanized coil kept stable basically this week and the trading volume of traders also increased comparatively. But, because traders still kept the pessimistic attitude to the future market, the purpose of their pricing policy was mainly to improve their trading volume and reduce their inventories in order to decrease the market risk. They did not focus on getting more money recently. This week, the steadiness of some large scale steel mills ex-factory price of galvanized coil played certain positive effect to the stability of the galvanized coil market price this week. This week, the August ex-factory price of Jiangyin UnionSteel galvanized coil kept unchanged compared with July; the September ex-factory price of Angang galvanized coil kept unchanged compared with August.