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Chinese HDG price increase last week

By , 2008-03-08 12:00:00

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It is reported that Hot dipped galvanized coil prices on Chinese domestic market have been improving recently. This is also the case with export offers despite drop in tonnages.

The rise in domestic market prices has been driving up the export offer. On Shanghai market, 1.0mm HDG by Anshan Steel is being quoted at CNY 5550 per tonne up by CNY 100 per tonne from early January. 0.5mm material by private steel mills goes at CNY 5880 per tonne an increase of CNY 80 per tonne from the level on January 2nd.

In the short term, 1.0 HDG by Anshan Steel is going to approach CNY 5600 per tonne in Shanghai which we have already forecast several months ago when price was above CNY 5200 per tonne. If price for 1.0 HDG could top CNY 5600 per tonne, the next target will be CNY 6000 per tonne. Otherwise, there would be downward corrections.

Export offers have also been raised accordingly to reflect the increase in local prices. Quotations for 1.0 HDG are prevailing at USD 740 per tonne to USD 750 per tonne FOB which compares with USD 730 per tonne FOB in last two weeks.

A central China based major steel maker is quoting DX51D 0.55-2.0 HDG at USD 765 per tonne to USD 770 per tonne FOB which most exporters believe to be a competitive price. It also stipulated that European buyers are to take all the possible loss aroused by anti dumping.

Meanwhile, quite a few producers claim that they have almost suspended HDG exports to Europe for fear that there would be punitive tax when anti dumping is judged in the future.

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