During the week ending October 31, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have seen declines compared to the previous week, 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.
Offer prices of ex-China PPGI have been heard between $585-615/mt, down $7.5/mt on average compared to that recorded on October 24.
| Specification (mm) | Category | Average price (RMB/mt) | Weekly change (RMB/mt) | Price ($/mt) |
Weekly change ($/mt) |
| 0.476 x 1,000 | CGCC | 4,800 | -17 | 677 | -2 |
| 0.426 x 1,000 | CGCC | 4,960 | -17 | 700 | -2 |
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 seen decreases amid the slow stock movement. The demand for PPGI from downstream users in “silver October” hasn’t been as good as expected, resulting in the relatively high inventory levels, which weakened the support to its prices. As for November, market players have been bearish as regards the future prospects for the PPGI market, which might exert a negative impact on PPGI prices. It is thought that PPGI prices in the Chinese domestic market might edge down in the coming week.
As of October 31, HRC futures at Shanghai Futures Exchange are standing at RMB 3,308/mt ($466/mt), increasing by RMB 58/mt ($8.2/mt) or 1.8 percent since October 24, while down 0.72 percent compared to the previous trading day, October 30.
$1 = RMB 7.088
