During the week ending March 21, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have moved on a downtrend, 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 been heard between $605-615/mt FOB, edging down by $5/mt on average compared to that recorded on March 14.
Specification (mm) |
Category |
Average price (RMB/mt) |
Weekly change (RMB/mt) |
Price ($/mt) |
Weekly change ($/mt) |
0.476 x 1,000 |
CGCC |
4,953 |
-33 |
690 |
-5 |
0.426 x 1,000 |
CGCC |
5,130 |
-33 |
715 |
-5 |
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 edged down amid decreasing HRC futures prices. Chinese major steelmaker Shougang Iron and Steel Group announced to keep its PPGI prices stable for delivery in April, bolstering prices to a certain degree. However, the actual demand for PPGI has not been as good as market players expected, affecting market sentiments. It is thought that PPGI prices in the Chinese domestic market will likely see a slight downtrend in the coming week.
As of March 21, HRC futures at Shanghai Futures Exchange are standing at RMB 3,351/mt ($467/mt), decreasing by RMB 92/mt ($13/mt) or 2.7 percent since March 14, while up 0.06 percent compared to the previous trading day, March 20.
$1 = RMB 7.176
