During the week ending July 16, 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 |
7,550 |
+83 |
1,167 |
+14 |
|
0.426 x 1,000 |
CGCC |
7,650 |
+83 |
1,182 |
+14 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, PPGI prices have risen amid increasing HRC futures prices and expected production restrictions. Bullish sentiments have prevailed among market players, exerting a positive impact on the PPGI market. However, demand for PPGI has not seen a significant improvement, and so prices may fluctuate within a limited range in the coming week.
As of July 16, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 5,952/mt ($920/mt), up RMB 157/mt ($24.3/mt) or 2.7 percent from RMB 5,795/mt on July 9.
$1 = RMB 6.4705