During the week ending September 17, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have edged down slightly, 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.
|
Specification (mm) |
Category |
Average price (RMB/mt) |
Weekly change (RMB/mt) |
Price ($/mt) |
Weekly change ($/mt) |
|
0.476 x 1,000 |
CGCC |
7,426 |
-7 |
1,151 |
0 |
|
0.426 x 1,000 |
CGCC |
7,526 |
-7 |
1,166 |
-1 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, PPGI prices have seen slight declines amid slack demand due to the impact of typhoon Chanthu, while demand will unlikely see any big improvement ahead of the Mid-Autumn Day holiday (September 19-21). There has been oversupply in the PPGI market lately, exerting a negative impact on prices. It is thought that PPGI prices in the Chinese domestic market will move sideways in the coming week.
As of September 17, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 5,677/mt ($880/mt), down RMB 181/mt ($28.1/mt) or 3.1 percent from RMB 5,858/mt on September 10.
$1 = RMB 6.4527