During the week ending November 12, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have edged 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.
|
Specification (mm) |
Category |
Average price (RMB/mt) |
Weekly change (RMB/mt) |
Price ($/mt) |
Weekly change ($/mt) |
|
0.476 x 1,000 |
CGCC |
7,310 |
-50 |
1,141 |
-9 |
|
0.426 x 1,000 |
CGCC |
7,426 |
-33 |
1,159 |
-7 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
Offer prices of ex-China PPGI have also declined, standing in the range of $970-1,000/mt FOB, moving down by $10/mt week on week.
During the given week, PPGI prices have indicated slight declines amid decreasing HRC futures prices and the prevailing bearish sentiments among market players. Demand for PPGI has remained slack, and so traders have been choosing to cut sales prices, aiming to reduce inventory levels. It is thought that PPGI prices in the Chinese domestic market will likely edge down in the coming week.
As of November 12, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 4,547/mt ($710.5/mt), down RMB 22/mt ($3.4/mt) or 0.48 percent from RMB 4,569/mt on November 5.
$1 = RMB 6.4065