During the week ending May 29, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have moved sideways compared to May 22 amid the slight change in HRC futures prices, while transaction activity in the domestic market has been at low-to-medium levels.
Offer prices of ex-China PPGI have been heard between $635-650/mt, remaining stable on average compared to that recorded on May 22.
Average PPGI prices in the local Chinese market are presented in the following table.
| Specification (mm) | Category | Average price (RMB/mt) | Weekly change (RMB/mt) | Price ($/mt) |
Weekly change ($/mt) |
| 0.476 x 1,000 | CGCC | 4,823 | - | 707 | +2 |
| 0.426 x 1,000 | CGCC | 4,983 | - | 731 | +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 have moved sideways. The declining raw material prices weakened the support to PPGI prices from the cost side, while settlement prices on steelmakers’ side have been at relatively prices, bolstering its prices to a certain degree. Inventories of PPGI have indicated slight rises, while still at reasonable levels. It is expected that PPGI prices in the Chinese domestic market will edge down slightly in the coming week.
As of May 29, HRC futures at Shanghai Futures Exchange are standing at RMB 3,382/mt ($495/mt), decreasing by RMB 3/mt ($0.44/mt) or 0.09 percent since May 22, while increasing by 0.33 percent compared to the previous trading day, May 28.
$1 = RMB 6.8176
