During the week ending April 10, 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 |
5,730 |
-16 |
814 |
+6 |
0.426 x 1,000 |
CGCC |
5,850 |
-16 |
832 |
+7 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, a lot of PPGI supplies which were supposed to go to the export market have been diverted to the domestic market, dragging down PPGI prices in the local market. Meanwhile, inventories are still at relatively high levels, exerting a negative impact on PPGI prices. Most market players are pessimistic as regards the future prospects for the market because of the ongoing coronavirus pandemic worldwide.
As of April 10, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 3,209/mt ($456/mt), up RMB 174/mt ($25/mt) or 5.7 percent from RMB 3,035/mt on April 3.
$1 = RMB 7.0354
