China’s CRC, HDG export prices decline on sluggish demand amid continuing Covid-19 pandemic

Export prices for Chinese cold-rolled coil and hot-dipped galvanized coil fell over the past week on poor demand amid the continuing Covid-19 pandemic outside of China.

Sustained weakness in the Chinese yuan against the dollar enabled Chinese exporters to maintain or lower their asking prices, market sources told Fastmarkets.
The Chinese currency was pegged at 7.0851 yuan per $1 on Tuesday March 31, compared with 7.0066 yuan to $1 at the end of February, according to China’s State Administration of Foreign Exchange.
Nonetheless, a weakening in most importers’ currencies also resulted in scant demand from buyers, market participants said.

For instance, the Brazilian Real was trading at...


Lee Ken Kiat

March 31, 2020

08:48 GMT