During the week ending June 2, 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.
Offer prices of ex-China PPGI have been heard at $700/mt, edging down by $15/mt compared to last week.
Average PPGI prices in the local Chinese market are presented in the following table:
Specification (mm) |
Category |
Average price (RMB/mt) |
Weekly change (RMB/mt) |
Price ($/mt) |
Weekly change ($/mt) |
0.476 x 1,000 |
CGCC |
5,713 |
-17 |
805 |
-2 |
0.426 x 1,000 |
CGCC |
5,773 |
-17 |
814 |
-2 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, average PPGI prices in the Chinese domestic market have moved down slightly week on week, though indicating a rebounding trend from the middle of the week amid the rising trend of HRC futures prices. Most sellers still hold a wait-and-see stance as regards the future prospects for the PPGI market, while more buyers have made inquiries, which has bolstered prices to some extent. Since sentiment has improved in the steel market, PPGI prices may see a rebounding trend in the coming week.
As of June 2, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 3,722/mt ($525/mt), up RMB 116/mt ($16.4/mt) or 3.2 percent from RMB 3,606/mt on May 26.
$1 = RMB 7.0939
