During the week ending January 8, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have moved down, 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 |
6,496 |
-100 |
1,004 |
-6 |
0.426 x 1,000 |
CGCC |
6,616 |
-100 |
1,022 |
-6 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, PPGI prices have declined amid cautious sentiment among market players. Extremely cold weather has hit China, exerting a negative impact on the PPGI market. Meanwhile, inventory of PPGI has been relatively low, bolstering prices. It is thought that PPGI prices in the Chinese domestic market will likely move sideways in the coming week.
As of January 8, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 4,646/mt ($718/mt), up RMB 92/mt ($14.2/mt) or 2.0 percent from RMB 4,554/mt on December 31.
$1 = RMB 6.4708
