During the week ending March 26, 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 |
6,596 |
- |
1009 |
-5 |
0.426 x 1,000 |
CGCC |
6,716 |
- |
1027 |
-6 |
All prices include 13 percent VAT and are ex-warehouse.
During the given week, iron ore prices have been at high levels, providing solid support for PPGI prices from the cost side. Meanwhile, inventory of PPGI has indicated some declines, bolstering prices. However, downstream buyers are cautious at the current high price levels. It is thought that PPGI prices in the Chinese domestic market will move sideways in the coming week.
As of March 26, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 5,195/mt ($794/mt), up RMB 169/mt ($26/mt) or 3.36 percent from RMB 5,026/mt on March 19.
$1 = RMB 6.5376
