During the week ending March 6, 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 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 |
5,780 |
0 |
834 |
+9 |
0.426 x 1,000 |
CGCC |
5,900 |
0 |
851 |
+9 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, inventories in the PPGI market have been at high levels, exerting a negative impact on PPGI prices. Traders in the PPGI market have been seeking to sell to bring in cash, while demand has still been sluggish as downstream users have not fully resumed work. However, market players’ sentiments as regards the future prospects for the PPGI market have been better since more downstream users’ resumed production.
As of March 6, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 3,461/mt ($499/mt), up RMB 84/mt ($12/mt) or 2.5 percent from RMB 3,377/mt on February 28.
$1 = RMB 6.9337
