During the week ending October 23, 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 |
916 |
+8 |
|
0.426 x 1,000 |
CGCC |
6,233 |
0 |
934 |
+8 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, local PPGI prices have remained stable amid slack demand and the appreciation of the Chinese currency. Some traders have been pessimistic as regards the future prospect for the PPGI market and so they have lowered their sales prices. Inventory of PPGI has been relatively low, which has bolstered prices. It is thought that PPGI prices in the Chinese domestic market will move sideways in the coming week.
As of October 23, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 3,785/mt ($567.5/mt), up RMB 45/mt ($6.75/mt) or 1.2 percent from RMB 3,740/mt on October 16.
$1 = RMB 6.6703