During the week ending March 7, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have edged down slightly, 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.
Offer prices of ex-China PPGI have been heard between $610-625/mt FOB, edging down by $5/mt on average compared to that recorded on February 28.
Specification (mm) |
Category |
Average price (RMB/mt) |
Weekly change (RMB/mt) |
Price ($/mt) |
Weekly change ($/mt) |
0.476 x 1,000 |
CGCC |
4,987 |
-7 |
695 |
-1 |
0.426 x 1,000 |
CGCC |
5,163 |
-7 |
720 |
-1 |
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 edged down slightly amid decreasing HRC futures prices. The inventory of PPGI has declined, easing the pressure on prices. However, the demand for PPGI from downstream users has not been stable, resulting in cautious sentiments among market players. It is thought that PPGI prices in the Chinese domestic market will likely fluctuate within a limited range in the coming week.
As of March 7, HRC futures at Shanghai Futures Exchange are standing at RMB 3,363/mt ($469/mt), decreasing by RMB 62/mt (8.6/mt) or 1.8 percent since February 28, while down 0.85 percent compared to the previous trading day, March 6.
$1 = RMB 7.1705