Galvanized coil prices stable this week

SteelOrbis Shanghai The beginning of April marked up new price list announcements by steel makers, while Chinese exporters stopped giving offers with the expectation that prices may increase further in May. This week, galvanized coil ex-factory prices of Wuxi NewDaZhong increased RMB 450-650/ton ($56-81), that of TangShan Hengtong increased RMB 50-100/ton ($6-12), and that of LianYuan Steel increased RMB 350/ton ($44). More steelmakers are expected to increase their ex-factory prices later in the month. Chinese galvanized coils makers have especially stopped giving quotations to the US, as they hope that the May price of galvanized coil for export to the US will rise minimum $50/ton. Recently, deals have already been made at $600/ton FOB. On the other hand, the trade volume and market prices of galvanized coils have retained the previous week's level this week. Although the market demand expands, the expansion is not big enough to make a change. The market also saw new galvanized coil supplement, but the quantity is not very much. Consequently, the market inventories dropped slightly and continuously through the week. On April 5, the average market price of 1.0 mm galvanized coil was RMB 5,113/ton ($638), up RMB 36/ton ($5) weekly, that of 0.5 mm galvanized coil is RMB 5,367/ton ($668), up RMB 17/ton ($2); and that of 0.23 mm India Bhushan imported galvanized coils is RMB 6,743/ton ($841), up RMB 60/ton ($7).