During the week ending May 14, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have moved up further, 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 |
7,190 |
+366 |
1,114 |
+59 |
|
0.426 x 1,000 |
CGCC |
7,310 |
+366 |
1,133 |
+60 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, PPGI prices have seen further rises amid the surging iron ore prices and increasing ferrous metal futures prices, though futures prices have indicated a downward trend over the past two days, which might negatively affect PPGI market in the coming week. Downstream users have been cautious in concluding purchases for PPGI following quick rises in prices, while no major change has been observed in inventory levels, bolstering prices to some extent. It is thought that PPGI prices in the Chinese domestic market will likely indicate a downward trend in the coming week.
As of May 14, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 6,135/mt ($951/mt), up RMB 136/mt ($21.1/mt) or 2.27 percent from RMB 5,999/mt on May 7.
$1 = RMB 6.4525