During the week ending March 20, 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 |
5,713 |
0 |
804 |
-12 |
|
0.426 x 1,000 |
CGCC |
5,833 |
0 |
821 |
-12 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, inventories have still been at relatively high levels, exerting a negative impact on the PPGI market. The slow sales activities have affected the ability of market players to bring in cash. Though the resumption of construction activities has continued to improve, more time will be needed for purchases of PPGI to receive a boost.
As of March 20, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 3,368/mt ($505/mt), down RMB 167/mt ($23.5/mt) or 4.7 percent from RMB 3,535/mt on March 13.
$1 = RMB 7.1052