During the week ending July 10, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have moved on a stable trend, 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 |
5,913 |
0 |
845 |
+8 |
|
0.426 x 1,000 |
CGCC |
6,033 |
0 |
863 |
+9 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, rains and floods in China exerted a negative impact on the demand for PPGI, resulting in scare orders from downstream users. However, the high levels of iron ore prices bolstered PPGI prices. Meanwhile, inventory of PPGI has been at comparatively low level, also providing certain support to its prices. It is expected that PPGI prices in the Chinese domestic market will fluctuate within a limited range in the coming week.
As of July 10, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 3,697/mt ($528.6/mt), up RMB 91/mt ($13.0/mt) or 2.5 percent from RMB 3,606/mt on July 3.
$1 = RMB 6.9943