During the week ending August 7, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have moved on an overall rising trend, 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 |
5,963 |
+33 |
859 |
+10 |
|
0.426 x 1,000 |
CGCC |
6,083 |
+33 |
876 |
+10 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, following quick rises seen in PPGI prices, demand has been slack and resulted in low-to-medium transaction activities. Inventory of PPGI has been at relatively low levels, providing support for prices as sellers have been unwilling to sell at lower prices. It is thought that PPGI prices in the Chinese domestic market will likely fluctuate within a limited range in the coming week.
As of August 7, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 3,904/mt ($562.5/mt), up RMB 56/mt ($8/mt) or 1.46 percent from RMB 3,848/mt on July 31.
$1 = RMB 6.9408