During the week ending May 28, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have indicated big declines, 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.
|
Specification (mm) |
Category |
Average price (RMB/mt) |
Weekly change (RMB/mt) |
Price ($/mt) |
Weekly change ($/mt) |
|
0.476 x 1,000 |
CGCC |
7,030 |
-133 |
1,101 |
-13 |
|
0.426 x 1,000 |
CGCC |
7,153 |
-133 |
1,120 |
-13 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, PPGI prices have indicated sharp declines amid the declines in ferrous metal futures prices and the prevailing cautious sentiments among market players. Most buyers have been holding a wait-and-see stance as regards the future market prospects. It is expected that PPGI prices may edge down slightly in the coming week.
As of May 28, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 5,328/mt ($834.4/mt), down RMB 165/mt ($25.8/mt) or 3.0 percent from RMB 5,493/mt on May 21.
$1 = RMB 6.3858