Galvanized coil prices indicate slight increase this week

SteelOrbis Shanghai Benxi Steel's galvanized coil ex-factory price increase slightly pushed up the market price of galvanized coils. With the influence of the lessening market supply and market demand, market prices grew by RMB 50-100/metric tons (12$). Galvanized coil prices went up largely in Shanghai. The market price of galvanized coils in Boxing kept stable because there were more supplies in this market and some local galvanized coil makers' reduced their ex-factory prices slightly. The galvanized coils price in Guangzhou increased less than that in Shanghai, because more products would arrived soon. On February 16, the average market price of 1.0 mm galvanized coils was RMB 4,593/metric ton ($571), up RMB 93/metric ton ($12) compared with that in last week; that of 0.5 mm galvanized coil is RMB 4,933/mt ($613), up RMB 33 per ton ($4) compared with the price in last weekend; while that of 0.23 mm India BHUSHAN imported galvanized coils is RMB 6,217/metric ton, up RMB 17/metric ton ($2) compared to last weekend. Baosteel has also joined the steelmakers and increased its prices for the second quarter of the year. Therefore, market prices may increase further.