During the week ending October 25, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have moved on a downward trend, 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.
|
Product name |
Specification (mm) |
Category |
Average price (RMB/mt) |
Weekly change (RMB/mt) |
Price ($/mt) |
Weekly change ($/mt) |
|
PPGI |
0.476 x 1,000 |
CGCC |
5,696 |
-100 |
805 |
-15 |
|
PPGI |
0.426 x 1,000 |
CGCC |
6,000 |
-100 |
848 |
-15 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, demand for PPGI from downstream users has been slack, resulting in higher inventory levels in the domestic PPGI market. Meanwhile, market players are cautious as regards the prospects for the future PPGI market trend.
However, there have been signs signaling some improvements in sentiments due to the start of infrastructure construction in many provinces in China. HRC futures prices at Shanghai Futures Exchange (SHFE) have increased from RMB 3,300/mt on October 18 to RMB 3,360/mt ($476/mt) on October 25, up 1.8 percent, which will positively affect the PPGI market in the near future.
$1=RMB 7.075