During the week ending November 22, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have moved sideways, 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.
Product name |
Specification (mm) |
Category |
Average price (RMB/mt) |
Weekly change (RMB/mt) |
Price ($/mt) |
Weekly change ($/mt) |
PPGI |
0.476 x 1,000 |
CGCC |
5,680 |
0 |
808 |
-2 |
PPGI |
0.426 x 1,000 |
CGCC |
5,800 |
0 |
825 |
-3 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, inventories of PPGI in the Chinese domestic market have decreased and are now at lower-than-normal levels, exerting a positive impact on PPGI prices. Meanwhile, ferrous metal futures prices in China have increased, boosting market sentiment. However, demand from downstream users has not seen any significant improvement, with traders accordingly indicating that they will be cautious about building up their stocks in the near future.
As of November 22, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 3,531/mt ($502/mt), up 1.35 percent from RMB 3,484/mt ($498/mt) on November 15.
$1 = RMB 7.0306
