During the week ending March 4, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have increased, while transaction activity in the domestic market has been at low-to-medium levels.
Offer prices of ex-China PPGI have been heard at $1,010-1,060/mt, moving up by $50/mt week on week.
Average PPGI prices in the local Chinese market are presented in the following table:
Specification (mm) |
Category |
Average price (RMB/mt) |
Weekly change (RMB/mt) |
Price ($/mt) |
Weekly change ($/mt) |
0.476 x 1,000 |
CGCC |
7,123 |
+93 |
1,125 |
+15 |
0.426 x 1,000 |
CGCC |
7,240 |
+93 |
1,144 |
+16 |
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 certain rises amid increasing HRC futures prices. However, the spread of the Covid-19 pandemic in some regions of China has negatively affected the release of demand, which will weaken support for PPGI prices. It is thought that PPGI prices in the Chinese domestic market will likely move sideways in the coming week.
As of March 4, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 5,210/mt ($823/mt), up RMB 414/mt ($65.4/mt) or 8.63 percent from RMB 4,796/mt on February 25.
$1 = RMB 6.3288
