During the week ending September 5, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have moved down compared to the previous week, 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 $600-630/mt, moving sideways on average compared to that recorded on August 29.
| Specification (mm) | Category | Average price (RMB/mt) | Weekly change (RMB/mt) | Price ($/mt) |
Weekly change ($/mt) |
| 0.476 x 1,000 | CGCC | 4,907 | -43 | 690 | -6 |
| 0.426 x 1,000 | CGCC | 5,083 | -43 | 715 | -6 |
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 on a downtrend amid the prevailing cautious sentiments. Downstream users have been unwilling to build up stocks of PPGI, negatively affecting prices. Market players are optimistic as regards the future prospects for the PPGI market as they think demand will gradually improve in the near future. It is thought that PPGI prices in the Chinese domestic market will likely rebound in the coming week.
As of September 5, HRC futures at Shanghai Futures Exchange are standing at RMB 3,340/mt ($470/mt), decreasing by RMB 6/mt (0.85/mt) or 0.18 percent since August 29, while up 1.03 percent compared to the previous trading day, September 4.
$1 = RMB 7.1064