Chinese domestic PPGI prices move sideways

Friday, 11 November 2022 14:44:13 (GMT+3)   |   Shanghai
       

During the week ending November 11, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have moved sideways, though transaction activity in the domestic market has been at low-to-medium levels.

Offer prices of ex-China PPGI have been heard between $690-700/mt, remaining stable week on week.

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

5,806

0

807

+6

0.426 x 1,000

CGCC

5,866

0

815

+5

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 have moved sideways against the backdrop of increasing HRC futures prices. Currently, inventories of PPGI are at relatively low levels, which has provided support for prices. At the same time, demand for PPGI has not seen significant improvement, resulting in a balanced situation between demand and supply. It is expected that PPGI prices in the Chinese domestic market will likely fluctuate within a limited range in the coming week.

As of November 11, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 3,720/mt ($517.4/mt), up RMB 80/mt ($11/mt) or 2.2 percent from RMB 3,640/mt on November 4.

$1 = RMB 7.1907


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