During the week ending June 19, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have remained stable, 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 |
5,863 |
0 |
827 |
0 |
0.426 x 1,000 |
CGCC |
5,983 |
0 |
844 |
0 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, rainy weather in eastern and southern China has negatively affected demand from downstream users for PPGI, while inventory has been at normal levels. Market players think demand will likely remain slack in the coming period amid the traditional hot summer offseason and rainy weather, though high raw material prices will provide some support for PPGI prices. It is thought that PPGI prices in the Chinese domestic market will move sideways in the coming week.
As of June 19, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 3,659/mt ($506/mt), up RMB 76/mt ($10.7/mt) or 2.12 percent from RMB 3,583/mt on June 12.
$1 = RMB 7.0913
