During the week ending August 28, 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 |
5,980 |
0 |
868 |
+3 |
|
0.426 x 1,000 |
CGCC |
6,100 |
0 |
885 |
+2 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, demand for PPGI has not seen significant improvement, while downstream buyers have been cautious towards concluding purchases. Meanwhile, following steelmakers’ raising ex-works prices for PPGI, market players’ costs have been at relatively high level. However, inventory of PPGI has been at relatively low level, which will provide certain support to its prices. It is thought that PPGI prices in the Chinese domestic market will edge up in the coming week.
As of August 28, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 3,965/mt ($578/mt), up RMB 5/mt ($0.7/mt) or 0.13 percent from RMB 3,960/mt on August 21.
$1 = RMB 6.8891