During the week ending March 19, 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 |
6,596 |
+33 |
1015 |
+3 |
|
0.426 x 1,000 |
CGCC |
6,716 |
+33 |
1033 |
+2 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, HRC futures prices in China indicated sharp declines on March 16, while rebounding later, which affected PPGI prices. However, downstream users have been cautious in concluding purchases of PPGI as they have considered prices to be at high levels. Meanwhile, inventory of PPGI has risen slightly, though remaining at relatively low levels. It is thought that PPGI prices in the Chinese domestic market will likely move sideways in the coming week.
As of March 19, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 5,026/mt ($773/mt), up RMB 31/mt ($4.8/mt) or 0.62 percent from RMB 4,995/mt on March 12.
$1 = RMB 6.5098