During the week ending September 13, the Chinese hot dip galvanized (HDG) market has varied between stability and a slight decline. Average HDG prices in China can be viewed in the SteelOrbis price reports section.
Confidence in the Chinese HDG market has been affected by decreasing raw material costs, fewer-than-expected overhauls and abundant market supplies. Despite the short-lived uptrend at the end of the previous week, market demand failed to improve. Traders indicate that HDG booking activity is slow, with most bookings being concluded at the low end of the price range.
Chinese steel giant Baosteel has announced its new price policy for October shipment, keeping most prices unchanged, but just cutting prices of some cold rolled steel grades. WISCO had previously announced unchanged prices. These announcements indicate that the steel mills are still cautious on the prospects for the future market.
It is thought that the Chinese HDG market may also vary between stability and slight downward movement in the coming week.