Ex-China hot dip galvanized (HDG) offer prices have seen slight declines over the past week. Offers are at $1,000-1,010/mt FOB for late June shipment this week, moving down by $5/mt on average compared to April 14.
“Market players have started to look forward to an improvement in the pandemic situation in Shanghai, though the lockdown continues, which has still negatively affected the HDG market,” an international trader said.
During the given week, HDG prices in the Chinese domestic market moved sideways amid the relatively low inventory levels. Though the lockdown in Shanghai has continued, market participants hold an optimistic attitude towards the prospects for the future market as it seems the pandemic has eased to some extent over the past few days. It is thought that HDG prices in the Chinese domestic market will move on a firm trend in the coming week.
Average 1.0 mm SGCC hot dip galvanized spot prices in China have remained stable compared to April 14, standing at RMB 5,983/mt ($935/mt) ex-warehouse, according to SteelOrbis’ information.
As of April 21, HRC futures prices at the Shanghai Future Exchange are standing at RMB 5,152/mt (805/mt), decreasing by RMB 8/mt ($1.25/mt) or 0.16 percent since April 14.
$1 = RMB 6.4098
