Price trend
Hot rolled coil futures saw volatile trading last week, with traders offering discounts to secure sales. However, overall trading performance remained subdued, falling short of expectations. According to the SunSirs commodity market analysis system, as of September 12, the average domestic galvanized sheet and coil price was 4,197.50 RMB/ton, down 0.12% from the start of the week.
Analysis review
Fundamentals: Although current prices and costs were supported, the demand recovery was lower than expected, the inventory destocking process had slowed down, and the inventory of some merchants had begun to increase slightly, and they were more cautious. According to the latest data from SunSirs, the overall operating rate for galvanized sheet metal this week was 79.93%, while capacity utilization was 62.03%, up 0.26% from the previous week. Weekly production was 884,700 tons, up 3,700 tons from the previous week. Steel mill inventories were 473,200 tons, up 10,200 tons from the previous week. Warehouse inventories of galvanized sheet and coil in major domestic markets totaled 1.235 million tons, a weekly increase of 25,200 tons.
Last week, Baowu Steel and Anben Steel announced their October ordering policies, with galvanized sheet and coil ordering prices remaining unchanged compared to the previous period.
On the downstream side, September is the off-season for home appliance production, leading to weak demand for steel used in these appliances.
Industry Dynamics: According to incomplete statistics, a total of 397 projects were launched across China in August 2025. Data shows that the top three provinces for investment in August were Jilin, Guangxi, and Zhejiang, with total investments of 64.73 billion RMB, 30.37 billion RMB, and 27.70 billion RMB, respectively.
Future outlook:
On the whole, the price momentum of galvanized sheet and coil was insufficient recently, and the room for increase or decrease was limited. SunSirs predicts that the price of galvanized sheet and coil may fluctuate within a narrow range in the short term.
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