Ex-China hot dip galvanized (HDG) offer prices have edged up over the past few days.
Offers are at $990-1,050/mt FOB for late June shipment this week, up by $10/mt on average compared to the previous week.
“The offer prices of HDG in the Chinese domestic market have seen big rises following the Labor Day holiday amid the prevailing bullish sentiments, exerting a positive impact on export prices. It is thought that overseas buyers will likely accept the current price level of ex-China HDG,” an international trader said.
During the given week, HDG prices in the Chinese domestic market have indicated big rises amid increasing HRC futures prices and raw material prices. Meanwhile, inventory of HDG has been at a relatively low level, bolstering prices. It is thought that HDG prices in the Chinese domestic market will likely edge up further in the coming week.
Average 1.0 mm SGCC hot dip galvanized spot prices in China have gained RMB 103/mt ($16/mt) week on week to RMB 6,643/mt ($1024/mt) ex-warehouse, according to SteelOrbis’ information.
As of May 6, HRC futures prices at the Shanghai Futures Exchange are standing at RMB 5,935/mt (915/mt), increasing by RMB 148/mt ($29/mt) or 2.56 percent since April 29.
$1 = RMB 6.4895