During the week ending October 9, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have moved sideways, while transaction activity in the domestic market has been at low levels due to the long National Day holiday. 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 |
902 |
+5 |
|
0.426 x 1,000 |
CGCC |
6,233 |
0 |
919 |
+4 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, market players chose to hold their PPGI prices stable during the long National Day holiday. HRC futures prices moved up by 2.25 percent today, October 9, the first trading day following the long holiday, signaling market players’ bullish sentiments towards the prospects for the future market. October is another month in the traditional peak season for business, which will bolster the demand for PPGI and exert a positive impact on prices in the given month.
As of October 9, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 3,772/mt ($551/mt), up RMB 80/mt ($11.8/mt) or 2.25 percent from RMB 3,692/mt on September 30.
$1 = RMB 6.7796