During the week ending August 21, 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 |
5,980 |
0 |
865 |
+3 |
0.426 x 1,000 |
CGCC |
6100 |
0 |
884 |
+4 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, PPGI prices moved sideways as downstream users have mostly be cautious towards current high prices. However, part of traders has been optimistic towards prospect for the future market due to the support from high levels of iron ore prices. Meanwhile, inventory of PPGI has seen slight rises, which will exert a negative impact on its prices. It is thought that PPGI prices in the Chinese domestic market will edge up slightly in the coming week.
As of August 21, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 3,960/mt ($573/mt), up RMB 34/mt ($4.9mt) or 0.87 percent from RMB 3,926/mt on August 14.
$1 = RMB 6.9107
