During the week ending October 17, average prices in the Chinese domestic hot dip galvanized (HDG) market have moved down, while transaction activity in the market has been at low-to-medium levels. Average HDG prices in the local Chinese market are presented in the following table.
|
Product name |
Specification (mm) |
Category |
Average price (RMB/mt) |
Weekly change (RMB/mt) |
Price ($/mt) |
Weekly change ($/mt) |
|
Thick HDG |
1.0 x 1,250 |
SGCC |
4,630 |
-30 |
654 |
-5 |
|
Thin HDG |
0.5 x 1,000 |
SGCC |
4,806 |
-20 |
679 |
-3 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
In the given week, cautious sentiments prevailed in the local Chinese HDG market due to subdued buying activities, slow consumption of inventory, decreasing trend in ferrous metal futures prices and declines in iron ore prices.
HRC futures prices at Shanghai Futures Exchange (SHFE) have decreased from RMB 3,399/mt ($485/mt) on October 10 to RMB 3,312/mt ($489/mt) on October 17, down by RMB 87/mt or 2.6 percent.
Higher inventory levels in the local Chinese HDG market will negatively impact HDG prices in the coming week.
$1=RMB 7.079