During the week ending January 3, 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.
|
Specification (mm) |
Category |
Average price (RMB/mt) |
Weekly change (RMB/mt) |
Price ($/mt) |
Weekly change ($/mt) |
|
0.476 x 1,000 |
CGCC |
5,730 |
0 |
822 |
+2 |
|
0.426 x 1,000 |
CGCC |
5,850 |
0 |
840 |
+3 |
All prices include 13 percent VAT and are ex-warehouse.
During the given week, demand for PPGI has slackened against the backdrop of the New Year holiday. However, inventory of PPGI has been at comparatively low levels, providing some support for PPGI prices. With the Chinese New Year holiday approaching, traders have been unwilling to build up excessive stocks. It is expected that PPGI prices in the Chinese domestic market will move sideways in the coming week.
As of January 3, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 3,560/mt ($510.0/mt), down RMB 4/mt or 0.11 percent from RMB 3,564/mt on December 27.
$1 = RMB 6.9681