During the week ending May 29, 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 |
5,796 |
0 |
813 |
-4 |
|
0.426 x 1,000 |
CGCC |
5,916 |
0 |
830 |
-4 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, following rises in PPGI prices in the previous period, buyers have been less willing to accept higher prices, while high ex-works prices from steelmakers provided support for PPGI prices in the local spot market. It is thought that PPGI prices in the Chinese domestic market will continue their stable trend in the coming week.
As of May 29, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 3,542/mt ($497/mt), up RMB 127/mt ($18.0/mt) or 3.7 percent from RMB 3,415/mt on May 22.
$1 = RMB 7.1316