During the week ending March 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 |
6,563 |
0 |
1,012 |
+1 |
|
0.426 x 1,000 |
CGCC |
6,683 |
0 |
1,031 |
+1 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, HRC futures prices first moved down sharply, while indicating a rebounding trend later, affecting the PPGI market, though average prices are now similar to those seen last week. Meanwhile, inventory of PPGI has risen slightly as downstream users have been unwilling to build up stocks. It is thought that PPGI prices in the Chinese domestic market will likely fluctuate within a limited range in the coming week.
As of March 12, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 4,995/mt ($770/mt), up RMB 117/mt ($18/mt) or 2.4 percent from RMB 4,878/mt on March 5.
$1 = RMB 6.4845