During the week ending May 21, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have indicated downward corrections, 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 |
7,163 |
-27 |
1,114 |
- |
|
0.426 x 1,000 |
CGCC |
7,283 |
-27 |
1,133 |
- |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, local PPGI prices have indicated certain declines amid the downtrend in ferrous metal futures prices. Demand from downstream users for PPGI has been slack as most buyers have held a wait-and-see stance at the current high level of prices. It is thought that PPGI prices in the Chinese domestic market will likely edge down further in the coming week.
As of May 21, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 5,493/mt ($854.3/mt), down RMB 642/mt ($99.8/mt) or 10.5 percent from RMB 6,135 /mt on May 14.
$1 = RMB 6.43