During the week ending December 31, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have declined 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.
Offer prices of ex-China PPGI have been heard between $920-960/mt FOB, moving sideways week on week.
|
Specification (mm) |
Category |
Average price (RMB/mt) |
Weekly change (RMB/mt) |
Price ($/mt) |
Weekly change ($/mt) |
|
0.476 x 1,000 |
CGCC |
6,926 |
-33 |
1086 |
-7 |
|
0.426 x 1,000 |
CGCC |
7,043 |
-33 |
1105 |
-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 declined slightly amid the downtrend in ferrous metal futures prices. Market players have sought to bring in cash before the end of the year. Since demand will continue to be sluggish, PPGI prices are unlikely to see an improvement. It is expected that PPGI prices in the Chinese domestic market will move sideways in the coming week.
As of December 31, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 4,411/mt ($692.5/mt), down RMB 205/mt ($32.2/mt) or 4.4 percent from RMB 4,616/mt on December 24.
$1 = RMB 6.3757