During the week ending May 30, 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 been heard at $595-605/mt, moving sideways on average compared to May 23.
| Specification (mm) | Category | Average price (RMB/mt) | Weekly change (RMB/mt) | Price ($/mt) |
Weekly change ($/mt) |
| 0.476 x 1,000 | CGCC | 4,833 | -33 | 673 | -5 |
| 0.426 x 1,000 | CGCC | 5,010 | -33 | 697 | -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 declines amid decreasing raw material prices. Inventory of PPGI has risen, weakening the support for prices. Ahead of the Dragon Boat Festival holiday, there have been no large-scale purchases from downstream users in the market, which has exerted a negative impact on PPGI prices. It is expected that PPGI prices in the Chinese domestic market will edge down in the coming week.
As of May 30, HRC futures at Shanghai Futures Exchange are standing at RMB 3,076/mt ($427/mt), decreasing by RMB 113/mt (15.7/mt) or 3.5 percent since May 23, while down 0.81 percent compared to the previous trading day, May 29.
$1 = RMB 7.1919