According to the latest customs data, galvanized sheet exports stood at 926,600 mt in January 2026 and 1.1677 million mt in February, bringing cumulative exports in January-February to 2.0942 million mt, down 0.14% YoY. China’s total galvanized sheet exports in January-February this year were basically flat YoY. .

According to a recent report by Credence Research Inc., the global steel wire market is projected to grow from $111.9 billion in 2024 to $153.18 billion by 2032, registering a steady compound annual growth rate (CAGR) of 4%. This expansion is primarily driven by robust demand from the automotive, construction, energy, and industrial machinery sectors, alongside increasing adoption of galvanized, coated, and high-performance alloy/stainless wires. Asia Pacific currently dominates the market with over 45% share, fueled by rapid urbanization and infrastructure investments in China, India, and Southeast Asia, while Europe and North America follow with 22% and 18% shares respectively.

As expectations for the peak-season demand in the “Golden March” gradually begin to materialize, galvanizing operating rates are rising. Can downstream consumption sustain its peak-season performance going forward?

[Consumption Expectations Were Gradually Realized, Operating Rates of Galvanising Producers Continued to Increase]: This week, the operating rate of the galvanizing industry was 59.7, up 6.69 percentage points WoW. Raw material side, zinc prices pulled back sharply this week, galvanising enterprises actively fixed prices to stockpile, and zinc ingot inventory at galvanising enterprises increased significantly.

[Zinc Fundamental Trading Logic Amid the Middle East Conflict: Risk Identification and Opportunity Capture] Global geopolitical conflicts have continued unabated, and news of the recent Middle East conflict has emerged frequently. What impact will this have on the zinc industry? This article provides an analysis from both fundamental and market perspectives:

[Galvanized Sheet Market] According to SMM, mid-February coincided with the Chinese New Year holiday. Most domestic galvanized sheet plants were on holiday, and this holiday period largely fell entirely within February. As a result, production days at domestic galvanized sheet enterprises decreased YoY, and overall operating rates fell markedly MoM.

According to SMM research, most galvanising enterprises resumed production between the tenth day (February 26) and the sixteenth day (March 4) of the first lunar month. Small and medium-sized enterprises generally resumed operations after the Lantern Festival (March 2), with an average holiday duration of around 21 days.

HRC prices fluctuated upward today, with the most-traded contract settling at 3,236 yuan/mt at the close, up 1.19% intraday. In the spot market, HRC offers in major cities nationwide rose by 10-30 yuan/mt, though trading activity remained moderate, while cold-rolled and galvanized prices held steady. Intraday market rumors circulated frequently: some steel mills received notices requiring voluntary emission reductions during the Two Sessions period from March 4 to 11 (blast furnace output cut by 30%), with mills asked to submit their own plans; simultaneously, rumors emerged about relaxation of Shanghai property policies. Driven by multiple news factors, futures saw significant gains, and market trading sentiment improved accordingly.

SMM Flash:On the first day after the holiday, steel export prices fluctuated by $1-5 per ton, with most mainstream orders currently scheduled for late March to April. Based on transaction data, post-holiday restarts show reasonably good market sentiment, with traders reporting a busy inquiry flow during the day. Among flat steel products, galvanized steel is performing slightly stronger.

Today, HRC prices first fell then rose, with the most-traded contract closing at 3,195 yuan/mt, down 0.87% for the day. In the spot market, HRC offers in major cities nationwide mostly dropped by 10-30 yuan/mt, while cold-rolled and galvanized prices fell by 30 yuan/mt. Export prices remained relatively stable. Supply side, few new maintenance plans were added for HRC during the holiday, with most mills sticking to pre-holiday maintenance schedules, keeping supply pressure relatively stable. Demand side, futures were weak, and the first trading day after the holiday saw almost no transactions, with overall wait-and-see sentiment running high. It is understood that inventory accumulation in major cities in southern and northern China after .....