During the week ending December 10, 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 |
7,010 |
+16 |
1,100 |
+3 |
0.426 x 1,000 |
CGCC |
7,126 |
+16 |
1,119 |
+3 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
At the same time, offer prices of ex-China PPGI have moved sideways in the range of $920-960/mt FOB as overall sentiment in the export markets has been bearish.
During the given week, PPGI prices have indicated slight rises amid the fluctuating trend of HRC futures prices. Demand for PPGI has remained slack, resulting in a prevailing wait-and-see stance towards the prospect for the future market. It is expected that PPGI prices in the Chinese domestic market will likely move sideways in the coming week.
As of December 10, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 4,443/mt ($697.5/mt), down RMB 153/mt ($24/mt) or 3.33 percent from RMB 4,596/mt on December 3.
$1 = RMB 6.3702