During the week ending May 19, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have edged down slightly, though transaction activity in the domestic market has been at low-to-medium levels. Average PPGI prices in the local Chinese market are presented in the following table.
Offer prices of ex-China PPGI have been heard between $745-765/mt, moving sideways compared to last week.
|
Specification (mm) |
Category |
Average price (RMB/mt) |
Weekly change (RMB/mt) |
Price ($/mt) |
Weekly change ($/mt) |
|
0.476 x 1,000 |
CGCC |
5,800 |
-10 |
824 |
-1 |
|
0.426 x 1,000 |
CGCC |
5,860 |
-10 |
833 |
-1 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, PPGI prices in the Chinese domestic market have seen slight declines amid Chinese major steelmaker Shougang Group cutting its PPGI prices by RMB 200/mt for June delivery and the fluctuation in HRC futures prices. In the given week, the inventory level of PPGI has decreased, bolstering PPGI prices to some extent. Recently, iron ore prices indicated a rebounding trend, which may exert a positive impact on PPGI prices in the coming period. It is thought that PPGI prices in the Chinese domestic market will likely edge up in the coming week.
As of May 19, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 3,722/mt ($529/mt), up RMB 80/mt ($11.4/mt) or 2.2 percent from RMB 3,642/mt on May 12.
$1 = RMB 7.0356