Ex-China HDG offer prices have edged down in the past week as demand from overseas customers has slackened significantly due to the strict measures taken to confront the rapid spread of the coronavirus worldwide. Offers are at $560-575/mt FOB for late May delivery this week, down by $7.5/mt on average compared to a week ago. At the same time, deals have been heard at $555-560/mt FOB to Southeast Asia and South Africa, down $10/mt from the previous transactions.
During the given week, demand for HDG has recovered slowly in the local market, resulting in cautious sentiments prevailing among downstream users. Meanwhile, relatively high inventories have exerted a negative impact on the HDG market.
Average 1.0 mm SGCC hot dip galvanized spot prices in China have decreased by RMB 10/mt ($1.4/mt) week on week to RMB 4,533/mt ($642.8/mt) ex-warehouse, according to SteelOrbis’ information.
As of March 19, HRC futures prices at the Shanghai Future Exchange are standing at RMB 3,429/mt ($486.2/mt), decreasing by RMB 54/mt ($7.7/mt) or 1.6 percent since March 12.
$1 = RMB 7.0522
