During the week ending September 25, 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 |
6,113 |
0 |
897 |
-7 |
0.426 x 1,000 |
CGCC |
6,233 |
0 |
915 |
-7 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, demand for PPGI has been slack amid the prevailing bearish sentiment among downstream users. Though the National Day holiday (October 1-8) is approaching, buyers have not been willing to build up stocks, which resulted in the rising inventories upstream. It is thought that PPGI prices in the Chinese domestic market will move sideways in the coming week.
As of September 25, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 3,660/mt ($551/mt), down RMB 63/mt ($9.3/mt) or 1.7 percent from RMB 3,723/mt on September 18.
$1 = RMB 6.8121
