Galvanized coil price decline continues

SteelOrbis Shanghai This week, the market price of galvanized coil decreased continuously. The trading volume dropped comparatively, while market inventories increased slightly, but they were still at a low level. On July 13, the average market price of 1.0 mm galvanized coil was RMB 5,817/mt ($728), down RMB 123/mt ($15) compared to a week ago. That of 0.5 mm galvanized coil was RMB 5,900/mt ($738), down RMB 143/mt ($18), while that of 0.23 mm galvanized coils imported from Indian Bhushan was RMB 7,683/mt ($962), down RMB 184/mt ($23). This week, the market demand decreased continuously. The market inventories of galvanized coil increased slightly, but the total quantity still remained at a low level. The market price of galvanized coils kept decreasing. The reason for the decrease was that the deep impact of HR and CR market price decline on the market price of galvanized coil. Meanwhile, trading volume continued shrinking constantly because of the lessening market demand, which greatly influenced trader's attitude. Traders constantly reduced their prices to sell more products in order to save from inventory costs.