Average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market are unchanged from the levels recorded before the Chinese New Year holiday, while transaction activity in the domestic market has been at low levels in the past week. 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 |
5,780 |
0 |
828 |
0 |
|
0.426 x 1,000 |
CGCC |
5,900 |
0 |
845 |
-1 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, some traders in PPGI market have resumed working online, though they have not received sufficient orders, while small traders have not returned to work due to the outbreak of coronavirus. Currently, China is taking measures to resume normal transportation, though there are still strict inspections on automotive transportation due to the virus outbreak. It is thought that domestic PPGI prices will likely move sideways in the coming week.
As of February 14, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 3,410/mt ($488.3/mt), down RMB 225/mt ($32.2/mt) or 6.2 percent from RMB 3,635/mt on January 17.
$1 = RMB 6.984