During the week ending November 26, 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 |
7,060 |
-66 |
1,104 |
-12 |
0.426 x 1,000 |
CGCC |
7,176 |
-66 |
1,122 |
-13 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
Offer prices of ex-China PPGI have moved down by $10/mt on average over the past week to $930-970/mt FOB.
During the given week, PPGI prices have seen slight declines amid slack demand and the prevailing bearish sentiments among market players. Traders have chosen to sell at lower prices to bring in cash. It is thought that PPGI prices may edge down in the coming week.
As of November 26, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 4,542/mt ($710/mt), up RMB 79/mt ($12.3/mt) or 1.77 percent from RMB 4,463/mt on November 19.
$1 = RMB 6.3936
