During the week ending January 29, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have edged down, 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 |
-17 |
999 |
-3 |
0.426 x 1,000 |
CGCC |
6,583 |
-17 |
1017 |
-3 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, PPGI prices have indicated slight declines amid sluggish demand. With the Chinese New Year holiday (February 11-17) approaching, most market players have left the market, resulting in slack demand. As for those who have stayed in the market, they chose to lower their sales prices, aiming to bring in cash. At the same time, inventory levels has risen slightly. It is thought that PPGI prices in the Chinese domestic market will move sideways in the coming week.
As of January 29, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 4,390/mt ($677.5/mt), up RMB 28/mt ($4.3/mt) or 0.65 percent from RMB 4,362/mt on January 22.
$1 = RMB 6.4709
