During the week ending June 12, 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 |
5863 |
0 |
827 |
+1 |
|
0.426 x 1,000 |
CGCC |
5983 |
0 |
844 |
+1 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, demand for PPGI has been good as China has issued a series of stimulus measures. Meanwhile, the high levels of iron ore prices have bolstered PPGI prices in the local market. However, following previous rises in PPGI prices, market players have started to hold a wait-and-see stance as regards the future prospects for the market, especially given the rainy weather in eastern and southern China.
As of June 12, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 3,583/mt ($506/mt), up RMB 68/mt ($9.6/mt) or 1.9 percent from RMB 3,515/mt on June 5.
$1 = RMB 7.0865