During the week ending February 25, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have indicated slight rises, while transaction activity in the domestic market has been at low-to-medium levels.
Offer prices of ex-China PPGI have been heard in the range of $960-1,010/mt FOB, edging down by $10/mt week on week.
Average PPGI prices in the local Chinese market are presented in the following table.
Specification (mm) |
Category |
Average price (RMB/mt) |
Weekly change (RMB/mt) |
Price ($/mt) |
Weekly change ($/mt) |
0.476 x 1,000 |
CGCC |
7,030 |
+16 |
1,110 |
+3 |
0.426 x 1,000 |
CGCC |
7,146 |
+16 |
1,128 |
+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 indicated slight rises despite declining HRC futures prices, while optimistic views have prevailed among market players, bolstering PPGI prices. At the same time, demand has not seen any significant improvement yet, though it may improve further in the coming period. It is expected that PPGI prices in the Chinese domestic market will likely move sideways in the coming week.
As of February 25, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 4,796/mt ($756.5/mt), down RMB 111/mt ($17.5/mt) or 2.3 percent from RMB 4,907/mt on February 18.
$1 = RMB 6.3346
