During the week ending November 18, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have edged down slightly, though 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 $700-710/mt, edging up by $10/mt week on week.
|
Specification (mm) |
Category |
Average price (RMB/mt) |
Weekly change (RMB/mt) |
Price ($/mt) |
Weekly change ($/mt) |
|
0.476 x 1,000 |
CGCC |
5,796 |
-10 |
806 |
-1 |
|
0.426 x 1,000 |
CGCC |
5,856 |
-10 |
814 |
-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 moved down slightly amid the spreading of the pandemic in some regions of China, though China has requested local governments to ease Covid-19 restriction measures. The regions have not reached a consensus in managing the balance between the pandemic and economic development. Market players have started to be cautious towards the prospects for the future PPGI market. HRC futures prices have moved on an uptrend, exerting a positive impact on the PPGI market. At the same time, inventory of PPGI has been at a relatively low level. It is expected that PPGI prices in the Chinese domestic market will likely fluctuate within a limited range in the coming week.
As of November 18, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 3,807/mt ($536.2/mt), up RMB 87/mt ($12.3/mt) or 2.3 percent from RMB 3,720/mt on November 11.
$1 = RMB 7.1091