JINAN, China, Oct. 27, 2026 — The global galvanized steel sheet market is moving into November with prices still firm but cost pressure easing, as zinc retreats from September’s four-year high while anti-dumping cases keep regional supply tight.
Zinc, the single largest input in coating costs, has pulled back. The LME three-month price slipped from a four-year peak of USD 4,065 per tonne in early September to around USD 3,715 per tonne in October, while cash metal still settled USD 64 per tonne above the three-month contract on October 23 — a backwardation that points to tight nearby availability. European premiums moved the other way: the Rotterdam SHG ingot premium rose to USD 330 per tonne on October 13 from USD 217.50 a month earlier, according to Fastmarkets. For galvanized sheet buyers, the net effect is a coating cost that has stopped climbing but has not yet come down.
Coated prices in North America remain near multi-year highs. Hot-dip galvanized sheet averaged about USD 1,661 per tonne FOB in July 2026, up from USD 1,623 a month earlier, as mill maintenance outages cut supply and service centres held lean stocks. US galvanized sheet imports were down 48.9% year on year in July, leaving buyers with little import relief.
Trade measures continue to redraw flows. Indonesia’s anti-dumping committee opened its formal investigation into Chinese hot-dip galvanized imports on October 1; Chinese material covers more than half of Indonesian consumption, so any duty would tighten that market quickly. Brazil imposed definitive duties on Chinese hot-dip galvanized coil earlier this year, and measures remain in force across the US, the EU and parts of Southeast Asia. With the Indonesian case still at the preliminary stage, buyers are extending lead times and asking for clearer origin documentation.
China’s export engine is running cooler overall. Customs data show finished steel exports of 75.15 million tonnes in January–August 2026, down 3.0% year on year. September shipments reached 10.49 million tonnes, while plate and sheet exports were 6.02 million tonnes in July, down 1.8%. Coated volumes are increasingly directed to the Middle East, Africa and Latin America as Western markets tighten.
Underlying demand has not broken. Galvanized sheet still underpins roofing and cladding, structural framing, HVAC ductwork, solar mounting systems, agricultural equipment and data-centre construction — applications where corrosion resistance and service life justify the coating premium.
Buyers closing Q1 2027 contracts this month should confirm grade (SGCC, DX51D+Z, ASTM A653), coating weight (Z120–Z275 / G30–G90), spangle type, surface treatment (chromate, oiled or anti-fingerprint), thickness range of 0.12–3.0 mm, coil weight and inspection terms.
The outlook into November is firm rather than spiking. Zinc’s retreat may trim coating extras in the first quarter of 2027, while hot-rolled substrate costs and pending trade cases keep a floor under coated sheet prices.
Post time: Oct-27-2026