During the week ending September 9, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have indicated a downtrend, though 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.
Offer prices of ex-China PPGI have been heard between $760-770/mt, edging up by $10/mt week on week.
|
Specification (mm) |
Category |
Average price (RMB/mt) |
Weekly change (RMB/mt) |
Price ($/mt) |
Weekly change ($/mt) |
|
0.476 x 1,000 |
CGCC |
5,966 |
-84 |
864 |
-14 |
|
0.426 x 1,000 |
CGCC |
6,040 |
-83 |
875 |
-13 |
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 continued their downtrend amid prevailing cautious sentiments approaching the Mid-Autumn Day holiday. Currently, demand for PPGI from downstream users has not improved as much as market players had expected given the repeated outbreaks of the Covid-19 pandemic. It is expected that PPGI prices in the Chinese domestic market will fluctuate within a limited range in the coming week.
As of September 9, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 3,838/mt ($556/mt), up RMB 138/mt ($20/mt) or 3.7 percent from RMB 3,700/mt on September 2.
$1 = RMB 6.9098