Chinese domestic PPGI prices move down

Friday, 21 October 2022 16:36:07 (GMT+3)   |   Shanghai
       

During the week ending October 21, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market declined, though 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 $720-730/mt, moving down by $20/mt 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

5,883

-37

827

-6

0.426 x 1,000

CGCC

5,943

-40

835

-7

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 moved down amid decreasing HRC futures prices. Approaching the end of October, some traders chose to sell at lower prices to complete their monthly sales targets, resulting in price decreases in the spot market. Following the long holiday, demand for PPGI from downstream users has not improved in line with expectations, exerting a negative impact on prices. It is expected that PPGI prices in the Chinese domestic market will likely fluctuate in the coming week.

As of October 21, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 3,651/mt ($513/mt), down RMB 111/mt ($15.6/mt) or 2.95 percent from RMB 3,762/mt on October 14.

$1 = RMB 7.1185


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