During the week ending October 22, 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.
Offer prices of ex-China PPGI have moved sideways, which stood between $1,150-1,220/mt, remaining stable week on week.
Specification (mm) |
Category |
Average price (RMB/mt) |
Weekly change (RMB/mt) |
Price ($/mt) |
Weekly change ($/mt) |
0.476 x 1,000 |
CGCC |
7,493 |
-26 |
1,170 |
+2 |
0.426 x 1,000 |
CGCC |
7,593 |
-26 |
1,186 |
+3 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, PPGI prices have declined slightly amid decreasing HRC futures prices and the prevailing bearish sentiments among market players. Meanwhile, downstream users have been unwilling to build up stocks during the downward price movement. It is expected that PPGI prices in the Chinese domestic market will move sideways in the coming week.
As of Oct 22, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 5,308/mt ($829/mt), down RMB 432/mt ($67.5/mt) or 7.53 percent from RMB 5,740/mt on October 15.
$1 = RMB 6.4032
