During the week ending September 11, Chinese domestic hot dip galvanized (HDG) prices have softened slightly, while transaction activity has remained at low levels. Average HDG prices in the local Chinese market can be viewed in the SteelOrbis price reports section.
During the given week, the Chinese steel market has been characterized by bearish sentiment due to the significant declines seen in prices of steel futures and raw materials. The domestic HDG market has accordingly been negatively impacted, with traders choosing to sell at lower prices, while transaction activity has remained poor. On September 10, Baosteel issued its prices for carbon steel flat products for delivery in October, lowering its HDG prices by RMB 100-150/mt ($16-24/mt). It is expected that HDG prices in the Chinese domestic market will continue to follow a downtrend in the coming week amid the prevailing pessimism in the market.
$1= RMB 6.13