During the week ending October 30, 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 |
6,113 |
0 |
909 |
-7 |
0.426 x 1,000 |
CGCC |
6,233 |
0 |
927 |
-7 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, demand for PPGI has been slack, while downstream buyers have mostly held a wait-and-see stance as regards the future prospects for the market. However, inventory of PPGI has not indicated any big changes, providing support for prices. It is expected that PPGI prices in the Chinese domestic market will move sideways in the coming week.
As of October 30, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 3,864/mt ($575/mt), up RMB 79/mt ($11.7/mt) or 2.1 percent from RMB 3,785/mt on October 23.
$1 = RMB 6.7232