Chinese domestic PPGI market moves upwards

Friday, 17 May 2019 14:54:18 (GMT+3)   |   Shanghai
       

As of May 17, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have moved upwards on week-on-week basis, 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.  

During the given week, ferrous metal futures prices in China edged down first but have moved upwards in the last three trading days of the week. In particular, due to reports of maintenance works at BHP Billiton’s Newman mine (to affect shipments for early July) and safety issues at Vale's Gongo Soco mine, iron ore futures prices at Dalian Commodity Exchange (DCE) have moved up significantly, positively affecting market players’ sentiment and providing solid support for prices in the domestic steel market. At the same time, inventories of PPGI are at relatively low levels, also bolstering PPGI prices to some extent. It is expected that PPGI prices in the Chinese domestic market will edge up slightly in the coming week.

Product name

Spec.

Quality

City

Steel plant/origin

Price (RMB/mt)

Price ($/mt)

Weekly change (RMB/mt)

Thick color coated coils

0.476 mm x 1,000 x C

CGCC

Shanghai

NewDaZhong

5,750

832

0

Guangzhou

Huamei

5,900

854

0

Boxing

Shandong Guanzhou

5,810

841

↑100

Average

-

5,820

842

↑33

Thin color coated coils

0.426 mm x 1,000 x C

CGCC

Shanghai

NewDaZhong

6,350

919

0

Guangzhou

Huamei

6,050

876

0

Boxing

Shandong Guanzhou

6,020

871

↑100

Average

-

6,140

889

↑33

13 percent VAT is included in all prices and all prices are ex-warehouse. 

$1 = RMB 6.91

 


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