During the week ending August 19, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have moved down slightly, though 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 $765-775/mt, edging down by $10/mt week on week.
|
Specification (mm) |
Category |
Average price (RMB/mt) |
Weekly change (RMB/mt) |
Price ($/mt) |
Weekly change ($/mt) |
|
0.476 x 1,000 |
CGCC |
6,176 |
-17 |
918 |
-2 |
|
0.426 x 1,000 |
CGCC |
6,250 |
-13 |
929 |
-1 |
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 down amid the decreasing HRC futures prices. Major Chinese steelmaker Baosteel has issued prices for delivery in September, holding its PPGI prices stable, which will bolster the market to some extent. However, due to the continuing hot weather conditions in China, market players are still cautious as regards the future market prospects. It is expected that PPGI prices in the Chinese domestic market will again edge down slightly in the coming week.
As of August 19, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 3,827/mt ($562/mt), down RMB 260/mt ($38/mt) or 6.4 percent from RMB 4,087/mt on August 12.
$1 = RMB 6.8065