During the week ending August 20, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have edged 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.
Specification (mm) |
Category |
Average price (RMB/mt) |
Weekly change (RMB/mt) |
Price ($/mt) |
Weekly change ($/mt) |
0.476 x 1,000 |
CGCC |
7,410 |
-33 |
1,140 |
-9 |
0.426 x 1,000 |
CGCC |
7,510 |
-33 |
1,156 |
-8 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, PPGI prices have indicated slight declines amid decreasing HRC futures prices and the prevailing cautious sentiments among market players. Since demand has remained slack, downstream users have mostly purchased as needed. It is expected that PPGI prices may edge down in the coming week.
As of August 20, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 5,458/mt ($840/mt), down RMB 307/mt ($47.2/mt) or 5.3 percent from RMB 5,765/mt on August 13.
$1 = RMB 6.4984
