During the week ending August 6, 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 |
7,466 |
-84 |
1,155 |
-14 |
|
0.426 x 1,000 |
CGCC |
7,566 |
-84 |
1,171 |
-13 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, PPGI prices have decreased amid the declining trend in HRC futures prices. Most traders have held a wait-and-see stance as regards the future market prospects. Demand for PPGI has remained slack in the traditional off-season. It is thought that PPGI prices in the Chinese domestic market will likely move sideways in the coming week.
As of August 6, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 5,772/mt ($893/mt), down RMB 397/mt ($31.1/mt) or 6.4 percent from RMB 6,169/mt on July 30.
$1 = RMB 6.4625