During the week ending October 29, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have indicated an overall downtrend, 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 moved sideways, which stood between $1,040-1,090/mt, moving down by $20/mt week on week.
|
Specification (mm) |
Category |
Average price (RMB/mt) |
Weekly change (RMB/mt) |
Price ($/mt) |
Weekly change ($/mt) |
|
0.476 x 1,000 |
CGCC |
7,443 |
-50 |
1,165 |
-5 |
|
0.426 x 1,000 |
CGCC |
7,543 |
-50 |
1,180 |
-6 |
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 indicated an overall downtrend amid the sharp decreases seen in ferrous metal futures prices and the prevailing bearish sentiments among market players. At the same time, downstream users have mostly held a wait-and-see stance towards the prospect for the future market. It is expected that PPGI prices in the Chinese domestic market will likely edge down in the coming week.
As of Oct 29, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 5,003/mt ($783/mt), down RMB 305/mt ($47.7/mt) or 5.75 percent from RMB 5,308/mt on October 22.
$1 = RMB 6.3907