During the week ending May 23, 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.
Offer prices of ex-China PPGI have been heard between $595-605/mt, remaining stable on average compared to that recorded on May 16.
Specification (mm) |
Category |
Average price (RMB/mt) |
Weekly change (RMB/mt) |
Price ($/mt) |
Weekly change ($/mt) |
0.476 x 1,000 |
CGCC |
4,867 |
-3 |
677 |
0 |
0.426 x 1,000 |
CGCC |
5,043 |
-3 |
701 |
0 |
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 edged down amid decreasing HRC futures prices. Currently, the inventory of PPGI is not at high levels, bolstering prices to a certain degree. However, most traders lack confidence as regards the future prospects for the PPGI market, which will weaken the support for prices. It is thought that PPGI prices in the Chinese domestic market may continue to fluctuate within a limited range in the coming week.
As of May 23, HRC futures at Shanghai Futures Exchange are standing at RMB 3,189/mt ($443/mt), decreasing by RMB 37/mt (5.1/mt) or 1.15 percent since May 16, while down 0.75 percent compared to the previous trading day, May 22.
$1 = RMB 7.1919
