During the week ending October 16, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have remained stable, while transaction activity in the domestic market has been at low-to-medium levels following stock replenishment after the long holiday. 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 |
6,113 |
0 |
908 |
+6 |
0.426 x 1,000 |
CGCC |
6,233 |
0 |
926 |
+7 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, inventory of PPGI has been at relatively low levels, bolstering prices. However, following stock replenishment after the long holiday, market players have been hesitating to conclude more purchases. At the same time, iron ore prices have moved on a downward trend, weakening the support for PPGI prices.
As of October 16, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 3,740/mt ($556/mt), down RMB 32/mt ($4.8/mt) or 0.85 percent from RMB 3,772/mt on October 9.
$1 = RMB 6.7332
