During the week ending March 25, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have fluctuated within a limited range, 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 in the range of $1,020-1,050/mt, moving sideways week on week.
Specification (mm) |
Category |
Average price (RMB/mt) |
Weekly change (RMB/mt) |
Price ($/mt) |
Weekly change ($/mt) |
0.476 x 1,000 |
CGCC |
7,153 |
+3 |
1,122 |
-5 |
0.426 x 1,000 |
CGCC |
7,233 |
-34 |
1,135 |
-11 |
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 fluctuated within a limited range amid declining inventory and rebounding HRC futures prices. However, strict control measures amid the worsening of the Covid-19 pandemic will negatively affect the demand for PPGI, which will weaken the support for prices, though supplies may also decline, bolstering prices. It is thought that PPGI prices in the Chinese domestic market will likely move sideways in the coming week.
As of March 25, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 5,282/mt ($830/mt), up RMB 153/mt ($24/mt) or 2.98 percent from RMB 5,129/mt on March 18.
$1 = RMB 6.3739
