Due to the stable trend in the Chinese domestic hot dip galvanized (HDG) market and the appreciation of Chinese currency, ex-China HDG offer prices have moved sideways in the past week at $595-600/mt FOB. At the same time, some deals have been done at $590-595/mt FOB, sources said.
During the given week, most players have left the market for the Chinese New Year holiday. Thus, offer prices of HDG are unlikely to change in the coming two weeks. Average 1.0 mm SGCC hot dip galvanized spot prices in China have remained stable week on week at RMB 4,730/mt ($686.7/mt) ex-warehouse, according to SteelOrbis’ information.
As of January 23, HRC futures prices at the Shanghai Future Exchange are standing at RMB 3,521/mt ($511.2/mt), decreasing by RMB 70/mt ($10.2/mt) or 1.95 percent since January 16.
$1 = RMB 6.888
