During the week ending February 19, 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-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 |
6,463 |
0 |
1,000 |
+1 |
0.426 x 1,000 |
CGCC |
6,583 |
0 |
1,019 |
+2 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
Following the long Chinese New Year holiday, most downstream users have not yet returned to the market, resulting in slack demand. Inventory of PPGI has risen slightly during the long holiday, while market participants are optimistic regarding the future market prospects. It is thought that PPGI prices in the Chinese domestic market will move sideways in the coming week.
As of February 19, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 4,690/mt ($726/mt), up RMB 240/mt ($37/mt) or 5.4 percent from RMB 4,450/mt on February 5.
$1 = RMB 6.4624
