During the week ending December 27, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have continued its stable trend, 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 |
5,730 |
0 |
820 |
+2 |
0.426 x 1,000 |
CGCC |
5,850 |
0 |
837 |
+2 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, demand in the local Chinese PPGI market has been slack amid the approaching New Year holiday and the Chinese New Year holiday. Since only a few working days are left before the holidays, traders in the local PPGI market have comparatively low inventory levels. This resulted in a shortage and bolstered PPGI prices. It is expected that domestic PPGI prices in China will move sideways in the coming week.
As of December 27, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 3,564/mt ($510.0/mt), up RMB 38/mt or 1.1 percent from RMB 3,526/mt on December 20.
$1 = RMB 6.988
