During the week ending August 30, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have moved down, 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.
|
Product name |
Specification (mm) |
Category |
Average price (RMB/mt) |
Weekly change (RMB/mt) |
Price ($/mt) |
Weekly change ($/mt) |
|
PPGI |
0.476 x 1,000 |
CGCC |
5,796 |
-16 |
818 |
-2 |
|
PPGI |
0.426 x 1,000 |
CGCC |
6,100 |
-16 |
860 |
-2 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, ferrous metal futures prices in China have moved down, demand for PPGI has not improved, while iron ore prices have edged down, with all these factors weakening the support for PPGI prices. US-China trade tensions have escalated, resulting in bearish sentiment prevailing among market participants. PPGI traders have been unwilling to replenish stocks in the current circumstances and have been prepared to sell at lower prices. It is expected that PPGI prices in the Chinese domestic market will fluctuate within a limited range in the coming week.
$1 = RMB 7.09