Stable Price of Galvanized Plain Sheet Amidst Rising Demand and Production Restart

In the first week of August 2023, the price of Galvanized Plain Sheet seems to be stable amid recommencing production and mounting demand from downstream automotive industries globally. The price remained similar as several mills across the USA, and Eurozone imposed extended surcharges, providing a financial boost for Galvanized Plain Sheet manufacturing costs. The deal signed between a few major steel industries is expected to boost the Galvanized Plain Sheet market sentiments. Plant restart amid rising trend led to inclining price trend in the global spot market.

The intensification in the price of Galvanized Plain Sheet was supported by the declaration of production restart amid maintenance shutdowns terminated for backing the infrastructural and industrial development. In the overseas market, the China Steel Corporation (CSC), a major Galvanized Plain Sheet manufacturer in Taiwan, has renounced the opening of mills, leading to buyers' holding tendency in the local market. Furthermore, Taiwan's Steel Grating Plate Industry has shown interest in the galvanizing sheet industry and has planned to invest in expanding and improving equipment performance in the rising Galvanized Plain Sheet sector. The domestic US Galvanized Plain Sheet manufacturer Cleveland-Cliffs has pushed back it is relining of a blast furnace to one year earlier for 2026. Meanwhile, the Galvanized Plain Sheet's lead time gets expanded from 6-7 weeks to 6-8 weeks at the start of the third quarter.

In addition to that, the Galvanized Plain Sheet future trend seems to be upsurging in the Eurozone region amid the deal signed between Tata Steel Netherland and Wupperman Stall, a major hot dipped galvanized sheet manufacturing plant that will boost the market. The deal has been finalized for renewing their supply, emphasizing their obligation to provide high-quality Galvanized Plain Sheets to domestic and overseas customers in a wide range of sectors, including automotive and solar energy industries. Furthermore, the automotive sector stabilized as General Motors, a major automobile industry in the USA, experienced a significant profit of about 50% at the end of the second quarter. This uplifted the Galvanized Plain Sheet market by significant value, keeping the buyer's demand at a firm rate. Meanwhile, the downstream solar plants and energy sectors have kept the consumption rate of Galvanized Plain sheets inched up as Cliff's major contracts are coming from establishments of various solar plants across the USA. The solar energy sector is expected to mount the demand for Galvanized Plain sheets as Meyer Burger, a major Swiss-based solar cell and module-based industry, has halted the expansion of a German factory and is now heading towards the establishment of a new solar plant in the USA.

According to ChemAnalyst, the price of Galvanized Plain Sheet is expected to rise amid insufficient supply concerning growing demand from downstream automobile and solar energy plants. The hike in demand for Electric vehicles and infrastructural development will increase the price of Galvanized Plain sheets around the globe.