During the week ending May 8, 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-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 |
5713 |
+16 |
807 |
+2 |
0.426 x 1,000 |
CGCC |
5833 |
+16 |
824 |
+3 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, inventory of PPGI has decreased somewhat and so there is no great pressure from the inventory side. Meanwhile, ferrous metal futures prices in China have increased following the Labor Day holiday, exerting a positive impact on the PPGI market.
As of May 8, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 3,327/mt ($470/mt), up RMB 116/mt ($16.4/mt) or 3.6 percent from RMB 3,211/mt on April 30.
$1 = RMB 7.0788
