During the week ending February 14, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have moved on an uptrend, 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 $600-635/mt FOB, remaining stable on average compared to that recorded on February 7.
Specification (mm) |
Category |
Average price (RMB/mt) |
Weekly change (RMB/mt) |
Price ($/mt) |
Weekly change ($/mt) |
0.476 x 1,000 |
CGCC |
4,983 |
16 |
695 |
2 |
0.426 x 1,000 |
CGCC |
5,160 |
17 |
720 |
2 |
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 moved up amid the relatively balanced situation between supply and demand. The HRC futures prices haven’t seen rises as market players had expected, exerting a negative impact on PPGI market. However, major Chinese steelmaker Baosteel raised local base prices for pre-painted galvanized iron (PPGI) by RMB 50/mt ($7/mt) for delivery in March, providing certain support to market sentiments. It is expected that PPGI prices in the Chinese domestic market will likely fluctuate within a limited range in the coming week.
As of February 14, HRC futures at Shanghai Futures Exchange are standing at RMB 3,377/mt ($471/mt), decreasing by RMB 72/mt ($10/mt) or 2.1 percent since February 7, while down 0.53 percent compared to the previous trading day, February 13.
$1 = RMB 7.1706
