During the week ending May 7, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have edged 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 |
6,823 |
+33 |
1055 |
+5 |
|
0.426 x 1,000 |
CGCC |
6,943 |
+33 |
1073 |
+4 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, PPGI prices have risen slightly amid surging HRC futures prices. Meanwhile, inventory of PPGI has not indicated big changes, bolstering prices to some extent. The demand for PPGI is expected to be good in May, and so it is thought that PPGI prices in the Chinese domestic market will likely edge up in the coming week.
As of May 7, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 5,999/mt ($927.5/mt), up RMB 311/mt ($48.1/mt) or 5.47 percent from RMB 5,688/mt on April 30.
$1 = RMB 6.4678