During the week ending February 21, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have edged up slightly, 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 between $605-635/mt FOB, edging up by $2.5/mt on average compared to that recorded on February 14.
Specification (mm) |
Category |
Average price (RMB/mt) |
Weekly change (RMB/mt) |
Price ($/mt) |
Weekly change ($/mt) |
0.476 x 1,000 |
CGCC |
4,990 |
7 |
696 |
1 |
0.426 x 1,000 |
CGCC |
5,167 |
7 |
721 |
1 |
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 slight rises amid the gradual release of demand from downstream users. Inventory of PPGI is at normal level, while market players are optimistic as regards the future prospects for the market. Recently, favorable news, including the approaching two government sessions and the issuance of special government bonds, have provided support for market sentiments. It is thought that PPGI prices in the Chinese domestic market will see further rises in the coming week.
As of February 21, HRC futures at Shanghai Futures Exchange are standing at RMB 3,470/mt ($484/mt), increasing by RMB 93/mt ($13/mt) or 2.75 percent since February 14, while up 0.81 percent compared to the previous trading day, February 20.
$1 = RMB 7.1696
