During the week ending June 25, 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-to-medium 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 |
7,420 |
-87 |
1,146 |
-20 |
|
0.426 x 1,000 |
CGCC |
7,520 |
-87 |
1,161 |
-20 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, PPGI prices have edged down amid slack demand from downstream users. At the same time, the downtrend of ferrous metal futures prices has exerted a negative impact on the PPGI market. Bearish sentiments have prevailed among market players and so they have been willing to sell at lower prices and have been seeking to decrease their inventory levels. It is expected that PPGI prices in the Chinese domestic market may fluctuate within a limited range in the coming week.
As of June 25, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 5,247/mt ($811/mt), down RMB 59/mt ($9.1/mt) or 1.1 percent from RMB 5,347/mt on June 18.
$1 = RMB 6.4744