Ex-China hot dip galvanized (HDG) prices have edged up over the past week amid better expectations in the market.
Specifically, offers from Chinese mills are heard at around $595-625/mt FOB for January shipment, increasing by $5/mt on average compared to December 5, though only offer prices from smaller mills are heard at $595/mt FOB.
As a result, the SteelOrbis reference price for ex-China Z120 HDG has settled at $595-625/mt FOB, versus $590-620/mt FOB last week.
During the given week, HDG prices in the Chinese domestic market have seen slight rises amid increasing HRC futures prices. Market sentiments have improved due to China’s announcement of a “moderately loose” monetary policy for 2025, changing its monetary policy stance for the first time since 2011. Major Chinese steelmaker Baosteel decided to keep its local base prices for hot dip galvanized (HDG) stable, providing support for prices. It is thought that HDG prices in the Chinese domestic market will likely fluctuate within a limited range in the coming week.
Average 1.0 mm SGCC hot dip galvanized spot prices in China have gained RMB 10/mt ($1.4/mt) compared to December 5, standing at RMB 4,073/mt ($567/mt) ex-warehouse, according to SteelOrbis’ information.
As of December 12, HRC futures at Shanghai Futures Exchange are standing at RMB 3,562/mt ($496/mt), increasing by RMB 97/mt ($13.5/mt) or 2.8 percent since December 5, while up 0.14 percent compared to the previous trading day, December 11.
$1 = RMB 7.1854
