During the week ending November 10, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have moved sideways, 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 $675-705/mt, moving up by $5/mt on average compared to that recorded on November 3.
|
Specification (mm) |
Category |
Average price (RMB/mt) |
Weekly change (RMB/mt) |
Price ($/mt) |
Weekly change ($/mt) |
|
0.476 x 1,000 |
CGCC |
5,733 |
0 |
799 |
0 |
|
0.426 x 1,000 |
CGCC |
5,793 |
0 |
807 |
0 |
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 moved sideways amid decreasing inventories, which are still nevertheless at relatively high levels. Import iron ore prices have continued to rise, bolstering PPGI prices from the cost side. However, demand for PPGI has been slack in northern China due to the cold weather, exerting a negative impact on prices. It is thought that PPGI prices in the Chinese domestic market will likely edge up slightly in the coming week.
As of November 10, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 3,985/mt ($555/mt), up by RMB 86/mt ($12/mt) or increasing by 2.2 percent from RMB 3,899/mt on November 3.
$1 = RMB 7.1771