During the week ending April 2, 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 |
6,656 |
+60 |
1,014 |
+5 |
0.426 x 1,000 |
CGCC |
6,776 |
+60 |
1,032 |
+5 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, HRC futures prices have moved an overall uptrend, providing solid support for PPGI prices. Meanwhile, iron ore prices have indicated continuous rises, also bolstering PPGI prices. At the same time, inventory of PPGI has been at a relatively low level. However, downstream users have been unwilling to accept the quick rises in PPGI prices. It is expected that PPGI prices in the Chinese domestic market will likely edge up further in the coming week.
As of April 2, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 5,556/mt ($847/mt), up RMB 361/mt ($55/mt) or 6.95 percent from RMB 5,195/mt on March 26.
$1 = RMB 6.5649
