During the week ending May 9, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have seen 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 $595-605/mt, moving down by $10/mt on average compared to that recorded on April 25.
Specification (mm) |
Category |
Average price (RMB/mt) |
Weekly change (RMB/mt) |
Price ($/mt) |
Weekly change ($/mt) |
0.476 x 1,000 |
CGCC |
4,853 |
-33 |
673 |
-5 |
0.426 x 1,000 |
CGCC |
5,030 |
-33 |
698 |
-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 have seen decreases amid the decreasing inventory levels, though the declining pace slowed down. PPGI producers’ capacity utilization rates continued the downtrend, bolstering its prices to a certain degree. However, the demand for PPGI from downstream users has remained sluggish even after the Labor Day holiday. It is thought that PPGI prices in the Chinese domestic market will edge down further in the coming week.
As of May 9, HRC futures at Shanghai Futures Exchange are standing at RMB 3,157/mt ($445/mt), decreasing by RMB 47/mt (6.5/mt) or 1.5 percent since April 25, while down 1.34 percent compared to the previous trading day, May 8.
$1 = RMB 7.2066
