During the week ending April 3, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have edged up, while transaction activity in the domestic market has been at low 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 |
5,746 |
+33 |
808 |
-3 |
|
0.426 x 1,000 |
CGCC |
5,866 |
+33 |
825 |
-3 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, though local PPGI prices have risen, downstream users have mostly maintained a wait-and-see stance as regards concluding purchases of PPGI due to the coronavirus pandemic worldwide negatively impacting expectations for the global economy.
As of April 3, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 3,035/mt ($427/mt), down RMB 271/mt ($38/mt) or 8.2 percent from RMB 3,035/mt on March 27.
$1 = RMB 7.11