During the week ending July 24, pre-painted galvanized iron (PPGI) quotations in the Chinese domestic market have seen significant declines, while overall transaction activity has remained slack. Average PPGI prices in the local Chinese market are presented in the table below.
During the given week, domestic PPGI prices have declined strongly since local CRC prices have softened significantly over the recent period and also as PPGI traders have been experiencing tighter liquidity approaching the end of the month and so have reduced their prices in order to boost their sales. Although transaction activity has improved a little, downstream users are still generally maintaining a wait-and-see stance as regards concluding purchases. Meanwhile, major domestic steelmaker Wuhan Iron and Steel (WISCO) has cut its PPGI prices for August shipment, which will exert a negative impact on PPGI prices in the spot market. It is expected that PPGI prices in the Chinese domestic market will indicate a slight downtrend in the coming week.
Category | City | Steel plant/origin | Price (RMB/mt) | Price ($/mt) | Weekly change (RMB/mt) | ||
Thick color coated coils | 0.476 mm x 1,000 x C | CGCC | Shanghai | NewDaZhong | 5,300 | 853 | ↓200 |
Guangzhou | Huamei | 2,060 | 332 | ↓240 | |||
Boxing | Guanzhou | 3,750 | 604 | ↓130 | |||
Average | - | 3,703 | 596 | ↓190 | |||
Thin color coated coils | 0.426 mm x 1,000 x C | CGCC | Shanghai | NewDaZhong | 5,500 | 886 | ↓200 |
Guangzhou | Huamei | 5,160 | 831 | ↓210 | |||
Average | - | 5,330 | 858 | ↓205 |
17 percent VAT is included in all prices and all prices are ex-warehouse.
$1 = RMB 6.21