Ex-China hot dip galvanized (HDG) offer prices have moved sideways over the past week. Offers are at $1,070-1,100/mt FOB for late November shipment this week. “The stable trend in the local market has supported the export prices, while ferrous futures prices made suppliers cautiously watch further developments,” an international trader said.
The tradable level in the export market has remained at the last week’s $1,050-1,070/mt FOB for ex-China Z120 HDG.
During the given week, local HDG prices have been almost stable amid the ups and downs in HRC futures prices and better expectation for the future market. However, the demand has not seen big improvement yet, though market players thought some downstream buyers will likely build up stock ahead of the long National Day holiday (October 1-7). It is thought that HDG prices in the Chinese domestic market will likely fluctuate within a limited range in the coming week.
Average 1.0 mm SGCC hot dip galvanized spot prices in China have gained RMB 3/mt ($0.46/mt) week on week at RMB 6,806/mt ($1,052/mt) ex-warehouse, according to SteelOrbis’ information.
As of September 23, HRC futures prices at the Shanghai Future Exchange are standing at RMB 5,612/mt (867/mt), decreasing by RMB 131/mt ($20.2/mt) or 2.3 percent since September 16.
$1 = RMB 6.4749
