During the week ending March 13, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have edged down, while transaction activity in the domestic market has been at low 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 |
5,713 |
-66 |
816 |
-18 |
0.426 x 1,000 |
CGCC |
5,833 |
-66 |
833 |
-18 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, logistics operations in the local market have returned to normal, resulting in booked orders arriving at traders gradually, while the recent low levels of transaction activity have exerted a negative impact on the PPGI market. High inventories have negatively affected traders in PPGI market and they have been willing to cut sales prices in order to ease their tight liquidity.
As of March 13, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 3,535/mt ($505/mt), up RMB 74/mt ($10.6/mt) or 2.1 percent from RMB 3,461/mt on March 6.
$1 = RMB 7.0033
