During the week ending July 5, 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.
Offer prices of ex-China PPGI have been heard between $645-670/mt, decreasing by $5/mt compared to that recorded on June 28.
Specification (mm) |
Category |
Average price (RMB/mt) |
Weekly change (RMB/mt) |
Price ($/mt) |
Weekly change ($/mt) |
0.476 x 1,000 |
CGCC |
5,517 |
- |
774 |
- |
0.426 x 1,000 |
CGCC |
5,677 |
- |
797 |
- |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, PPGI prices in the Chinese domestic market have remained stable as the rainy season is over, which has exerted a positive impact on demand from downstream users. However, the improvement in demand is anticipated to be limited, resulting in the prevailing cautious sentiments among market players. Inventory of PPGI has been at relatively high levels, which may weaken the support for prices. It is thought that PPGI prices in the Chinese domestic market will fluctuate within a limited range in the coming week.
As of July 5, HRC futures at Shanghai Futures Exchange are standing at RMB 3,759/mt ($527/mt), increasing by RMB 14/mt ($1.1/mt) or 0.4 percent since June 28, while down 1.21 percent compared to the previous trading day, July 4.
$1 = RMB 7.1289
