During the week ending December 9, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have moved up, though 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.
Offer prices of ex-China PPGI have been heard between $730-740/mt, moving up by $30/mt week on week.
|
Specification (mm) |
Category |
Average price (RMB/mt) |
Weekly change (RMB/mt) |
Price ($/mt) |
Weekly change ($/mt) |
|
0.476 x 1,000 |
CGCC |
5,803 |
+33 |
834 |
+16 |
|
0.426 x 1,000 |
CGCC |
5,863 |
+33 |
843 |
+17 |
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 indicated an uptrend amid decreasing inventory levels and rising raw material prices. Meanwhile, upstream products, for instance, CRC prices, have moved up, providing solid support for PPGI prices. At the same time, steelmakers have raised their ex-works prices for their PPGI prices, also exerting a positive impact on prices in the spot market. However, transaction activities have not indicated significant improvements. It is expected that PPGI prices in the Chinese domestic market will likely continue their fluctuating trend in the coming week.
As of December 9, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 4,031/mt ($579/mt), up RMB 113/mt ($16.2/mt) or 2.9 percent from RMB 3,918/mt on December 2.
$1 = RMB 6.9588