Ex-China hot dip galvanized (HDG) prices have edged down slightly this week, while sentiments have improved in the local market.
Specifically, offers from large mills are still heard at around $660-670/mt FOB for May shipment, versus $660-680/mt FOB last week. Meanwhile, the reference deal prices for ex-China Z120 HDG have been heard at around $640/mt FOB, moving sideways on average week on week.
During the given week, HDG prices in the Chinese domestic market have seen a rebounding trend amid increasing HRC futures prices. At the same time, import iron ore prices have moved up, also exerting a positive impact on HDG prices. However, the degree of release of demand will affect the HDG market in the near future. It is thought that HDG prices in the Chinese domestic market will edge up slightly in the coming week.
Average 1.0 mm SGCC hot dip galvanized spot prices in China have gained RMB 27/mt ($3.8/mt) compared to March 14, standing at RMB 4,650/mt ($655/mt) ex-warehouse, according to SteelOrbis’ information.
As of March 21, HRC futures at Shanghai Futures Exchange are standing at RMB 3,827/mt ($539/mt), increasing by RMB 126/mt ($18/mt) or 3.4 percent since March 14, while up 0.79 percent compared to the previous trading day, March 20.
$1 = RMB 7.0942
