Ex-China HDG offer prices have moved sideways in the past week, remaining at $595-600/mt FOB. At the same time, deals have not been heard yet as customers are waiting for a new trend to emerge.
During the given week, due to the outbreak of the coronavirus, most market players have not yet returned to the market as China extended the holiday. Demand for HDG has been slack due to the disruption of traffic and the extension of the holiday for downstream users.
Average 1.0 mm SGCC hot dip galvanized spot prices in China have seen a decline of RMB 60/mt ($8.6/mt) week on week to RMB 4,670/mt ($667.1/mt) ex-warehouse, according to SteelOrbis’ information.
As of February 6, HRC futures prices at the Shanghai Future Exchange are standing at RMB 3,307/mt ($472.5/mt), decreasing by RMB 214/mt ($30.6/mt) or 6.1 percent since January 23.
$1 = RMB 6.9985
