During the week ending March 20, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have edged up compared to March 13, while transaction activity in the domestic market has been at low-to-medium levels.
Offer prices of ex-China PPGI have been heard between $605-630/mt, remaining stable on average compared to that recorded on March 13.
Average PPGI prices in the local Chinese market are presented in the following table.
Specification (mm) |
Category |
Average price (RMB/mt) |
Weekly change (RMB/mt) |
Price ($/mt) |
Weekly change ($/mt) |
0.476 x 1,000 |
CGCC |
4,763 |
17 |
691 |
2 |
0.426 x 1,000 |
CGCC |
4,923 |
17 |
715 |
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 seen certain rises amid the slight increases in HRC futures prices. Market sentiments improved in the traditional peak season, while downstream users’ purchases haven’t been as good as market players expected. The ongoing tensions in the Middle East exerted a negative impact on China’s stock market, resulting in continuous decreases over the past few days, weakening the support to market sentiments. It is thought that PPGI prices in the Chinese domestic market will move sideways in the coming week.
As of March 20, HRC futures at Shanghai Futures Exchange are standing at RMB 3,297/mt ($478/mt), increasing by RMB 2/mt ($0.29/mt) or 0.06 percent since March 13, while decreasing by 0.18 percent compared to the previous trading day, March 19.
$1 = RMB 6.8898
