During the week ending August 5, 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 between $765-775/mt, edging up 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 |
6,203 |
-97 |
920 |
-14 |
|
0.426 x 1,000 |
CGCC |
6,273 |
-157 |
930 |
-24 |
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 slack demand from downstream users. HRC futures prices moved up first in the past week, while edging down later, weakening the support for market sentiment. Since PPGI producers have been limiting their production, inventories have indicated a declining trend. It is thought that PPGI prices in the Chinese domestic market may fluctuate within a limited range in the coming week.
As of August 5, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 4,005/mt ($594/mt), up RMB 36/mt ($5.3/mt) or 0.9 percent from RMB 3,969/mt on July 29.
$1 = RMB 6.7405