During the week ending November 6, 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 |
922 |
+13 |
|
0.426 x 1,000 |
CGCC |
6,233 |
0 |
940 |
+13 |
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 wait-and-see stance among market players. However, the relatively high cost of booking in new supplies has made sellers unwilling to trade at lower prices. Inventory of PPGI has not seen big changes. It is thought that PPGI prices in the Chinese domestic market will fluctuate within a limited range in the coming week.
As of November 6, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 3,920/mt ($591/mt), up RMB 56/mt ($8.45/mt) or 1.45 percent from RMB 3,864/mt on October 30.
$1 = RMB 6.629