Ex-China HDG offer prices have edged down slightly in the past week as the rapid spread of the coronavirus worldwide has exerted a negative impact on the international market. Offers are at $570-580/mt FOB for late May delivery this week, down by $5/mt on the upper end of the range compared to one week ago. At the same time, deals have been heard at $565-570/mt FOB to Southeast Asia and South Africa.
During the given week, the resumption of production by downstream users in China has provided support for HDG prices in the local market, while high inventories still negatively affect the market. Meanwhile, the global financial markets have recorded sharp falls, weakening sentiment in the HDG market in China.
Average 1.0 mm SGCC hot dip galvanized spot prices in China have risen by RMB 3/mt ($0.4/mt) week on week to RMB 4,543/mt ($652.4/mt) ex-warehouse, according to SteelOrbis’ information.
As of March 12, HRC futures prices at the Shanghai Future Exchange are standing at RMB 3,483/mt ($500.1/mt), decreasing by RMB 20/mt ($2.9/mt) or 0.6 percent since March 5.
$1 = RMB 6.9641
