During the week ending December 20, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have continued to move sideways, while 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.
Specification (mm) |
Category |
Average price (RMB/mt) |
Weekly change (RMB/mt) |
Price ($/mt) |
Weekly change ($/mt) |
0.476 x 1,000 |
CGCC |
5,730 |
0 |
818 |
+1 |
0.426 x 1,000 |
CGCC |
5,850 |
0 |
835 |
+1 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, downstream buyers have been cautious about concluding purchases as demand has been slack amid the approaching New Year holiday and the Chinese New Year holiday. Traders are unwilling to build up high levels of stock, and this will negatively affect PPGI prices in the near future. It is thought that PPGI prices in the Chinese domestic market will again move sideways in the coming week.
As of December 20, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 3,526/mt ($503.7/mt), down RMB 30/mt or 0.84 percent from RMB 3,556/mt ($508/mt) on December 13.
$1 = RMB 7.002
