During the week ending February 26, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have moved up, 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 |
+100 |
1,014 |
+14 |
|
0.426 x 1,000 |
CGCC |
6,683 |
+100 |
1,033 |
+14 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, domestic PPGI prices have indicated sharp rises amid the rising trend in ferrous metal futures prices and iron ore prices, while transaction activities have been at low-to-medium levels as some downstream users have not yet returned to the market. Meanwhile, inventory of PPGI has risen slightly. It is thought that PPGI prices in the Chinese domestic market will likely move sideways in the coming week.
As of February 26, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 4,887/mt ($755/mt), up RMB 197/mt ($37/mt) or 4.2 percent from RMB 4,690/mt on February 19.
$1 = RMB 6.4713