During the week ending March 6, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have moved sideways compared to February 27, while transaction activity in the domestic market has been at low-to-medium levels.
Offer prices of ex-China PPGI have been heard between $595-620/mt, up by $20/mt on average compared to February 27.
Average PPGI prices in the local Chinese market are presented in the following table.
| Specification (mm) | Category | Average price (RMB/mt) | Weekly change (RMB/mt) | Price ($/mt) |
Weekly change ($/mt) |
| 0.476 x 1,000 | CGCC | 4,730 | - | 685 | +2 |
| 0.426 x 1,000 | CGCC | 4,890 | - | 708 | +2 |
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. After the Lantern Festival holiday, demand release has not been as good as market players had expected, while sellers have been unwilling to reduce their selling prices as they think demand will gradually recover in the near future. The weather will be warmer next week, which will exert a positive impact on market sentiments. It is thought that PPGI prices in the Chinese domestic market will fluctuate within a limited range in the coming week.
As of March 6, HRC futures at Shanghai Futures Exchange are standing at RMB 3,230/mt ($468/mt), increasing by RMB 15/mt ($2.2/mt) or 0.5 percent since February 27, while rising by 0.31 percent compared to the previous trading day, March 5.
$1 = RMB 6.9025