During the week ending February 27, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have remained stable compared to February 13, while transaction activity in the domestic market has been at low-to-medium levels.
Offer prices of ex-China PPGI have been heard at $575-600/mt, remaining unchanged on average compared to February 13.
Average PPGI prices in the local Chinese market are presented in the following table.
| Specification (mm) | Category | Average price (RMB/mt) | Weekly change (RMB/mt) | Price ($/mt) |
Weekly change ($/mt) |
| 0.476 x 1,000 | CGCC | 4,730 | - | 683 | +4 |
| 0.426 x 1,000 | CGCC | 4,890 | - | 706 | +4 |
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 unchanged following the long Chinese New Year holiday. Transaction activity is slow as some downstream users have not returned to the market yet. PPGI producers have gradually been resuming production, which may result in increasing inventories. It is thought that PPGI prices in the Chinese domestic market will likely move sideways in the coming week.
As of February 27, HRC futures at Shanghai Futures Exchange are standing at RMB 3,215/mt ($464.6/mt), decreasing by RMB 7/mt ($1/mt) or 0.2 percent since February 13, while down 0.25 percent compared to the previous trading day, February 26.
$1 = RMB 6.9228
