During the week ending November 8, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have declined for thin specifications, 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.
|
Product name |
Specification (mm) |
Category |
Average price (RMB/mt) |
Weekly change (RMB/mt) |
Price ($/mt) |
Weekly change ($/mt) |
|
PPGI |
0.476 x 1,000 |
CGCC |
5,596 |
+33 |
800 |
+10 |
|
PPGI |
0.426 x 1,000 |
CGCC |
5,766 |
-100 |
824 |
-9 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, demand for PPGI from downstream users in China has not improved, and this has exerted a negative impact on domestic PPGI prices. Currently, inventories in the PPGI market are at relatively low levels, providing support for prices. However, PPGI supplies arriving in the market have started to increase significantly, negatively affecting sentiment as regard the future market prospects.
HRC futures prices at Shanghai Futures Exchange (SHFE) have decreased from RMB 3,358/mt ($476/mt) on November 1 to RMB 3,354/mt ($476/mt) on November 8, down 0.12 percent.
$1 = RMB 6.9945