Following the uptrend in the previous week, pre-painted galvanized iron (PPGI) steel prices have stabilized at relatively high levels in the Chinese domestic market during the week ending August 27. However, market players currently do not appear willing to make new purchases. As of August 27, the average PPGI prices in most Chinese regions are shown as below:
Product name | Specification | Category | Average price (RMB/mt) | Weekly change (RMB/mt) | Price ($/mt) | Weekly change ($/mt) |
PPGI | 0.476 mm x 1,000 mm | CGCC | 6,467 | - | 951 | - |
PPGI | 0.426 mm x 1,000 mm | CGCC | 6,990 | - | 1,028 | - |
At present, CGCC 0.476 mm x 1,000 mm PPGI is sold in the Shanghai, Guangzhou and Boxing markets at RMB 6,300/mt ($926/mt), RMB 6,750/mt ($993/mt) and RMB 6,350/mt ($934/mt) respectively. At the same time, CGCC 0.426 mm x 1,000 mm prices stand at RMB 6,450/mt ($949/mt), RMB 6,800/mt ($1,000/mt) and RMB 7,720/mt ($1,135/mt) in the above respective markets.
In the Shanghai market, buying activities are at normal levels, though traders are not optimistic on the prospects for the future market. In the Guangzhou market, PPGI prices remained at high levels, but with little interest being shown by buyers. In the Boxing market, as local producers have not received many orders from customers, prices have remained at the levels of the previous week.
On the whole, the pre-painted galvanized iron market in China has been fairly quiet with no big fluctuations observed in the week in question. Facing high ex-mill prices from domestic producers, traders have been adopting a cautious approach to new purchases. During the past week, some sizes have been in short supply in the market, while new arrivals have been on the low side. It is expected that PPGI prices in China will continue to follow a neutral trend in the coming week.