Ex-China hot dip galvanized (HDG) offer prices have moved sideways over the past week. Offers from large mills are still at $980-1,000/mt FOB for late August shipment this week.
“Ex-China HDG prices are stable amid the sluggish demand from both local and overseas markets. Private HDG producers could accept prices at $900/mt FOB or even below to achieve deals,” an international trader said, adding that only a few buyers from the Middle East concluded deals. It is thought that ex-China HDG prices will remain under pressure from weak buying activity during the traditional offseason.
During the given week, domestic HDG prices have declined slightly amid the slack demand from downstream users. Cautious sentiments have prevailed among market players. It is thought that HDG prices in the Chinese domestic market will likely move sideways in the coming week.
Average 1.0 mm SGCC hot dip galvanized spot prices in China have lost RMB 43/mt ($6.6/mt) week on week to RMB 6,480/mt ($1,001.5/mt) ex-warehouse, according to SteelOrbis’ information.
As of July 1, HRC futures prices at the Shanghai Futures Exchange are standing at RMB 5,428/mt (839.6/mt), increasing by RMB 268/mt ($41.4/mt) or 5.2 percent since June 24.
$1 = RMB 6.4709
