During the week ending March 18, 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.
Offer prices of ex-China PPGI have been heard between $1,020-1,050/mt, moving down by $10/mt week on week.
Specification (mm) |
Category |
Average price (RMB/mt) |
Weekly change (RMB/mt) |
Price ($/mt) |
Weekly change ($/mt) |
0.476 x 1,000 |
CGCC |
7,150 |
0 |
1,127 |
-3 |
0.426 x 1,000 |
CGCC |
7,267 |
0 |
1,146 |
-2 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, PPGI prices in the Chinese domestic market moved sideways amid the worsening of the Covid-19 pandemic and strict control measures. On March 10, major Chinese steelmaker Baosteel raised its PPGI prices by RMB 200/mt ($31.6/mt) for April, which will bolster PPGI prices in the near future. However, strict control measures, including nucleic acid testing, may exert a negative impact on the demand for PPGI from downstream users. It is thought that PPGI prices in the Chinese domestic market will likely move sideways in the coming week.
As of March 18, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 5,129/mt ($809/mt), down RMB 8/mt ($1.3/mt) or 0.16 percent from RMB 5,137/mt on March 11.
$1 = RMB 6.3425
