During the week ending February 13, 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.
Offer prices of ex-China PPGI have been heard between $575-600/mt, moving sideways on average compared to that recorded on February 6.
Average PPGI prices in the local Chinese market are presented in the following table.
| Specification (mm) | Category | Average price (RMB/mt) | Weekly change (RMB/mt) | Price ($/mt) |
Weekly change ($/mt) |
| 0.476 x 1,000 | CGCC | 4,730 | - | 679 | - |
| 0.426 x 1,000 | CGCC | 4,890 | - | 702 | - |
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 moved sideways amid slack demand from downstream users. The market has been very quiet as the Chinese New Year holiday (February 14-23) is approaching. Inventories of PPGI have increased but are still at relatively low levels. It is thought that PPGI prices in the Chinese domestic market will fluctuate within a limited range during the holiday period.
As of February 13, HRC futures at Shanghai Futures Exchange are standing at RMB 3,222/mt ($467/mt), decreasing by RMB 29/mt ($4.2/mt) or 0.9 percent since February 6, while remaining unchanged compared to the previous trading day, February 12.
$1 = RMB 6.9398
