During the week ending July 10, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have moved sideways again, amid slight rises in HRC futures prices and sluggish demand from downstream users, while transaction activity in the domestic market has been at low-to-medium levels.
Offer prices of ex-China PPGI have been heard at $595-610/mt, down $17.5/mt on average compared to July 3.
Average PPGI prices in the local Chinese market are presented in the following table.
| Specification (mm) | Category | Average price (RMB/mt) | Weekly change (RMB/mt) | Price ($/mt) |
Weekly change ($/mt) |
| 0.476 x 1,000 | CGCC | 4,740 | - | 697 | - |
| 0.426 x 1,000 | CGCC | 4,900 | - | 720 | - |
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. HRC futures prices have seen slight rises, bolstering PPGI prices to a certain degree. Inventories of PPGI have declined amid destocking ahead of Typhoon Bavi, exerting a positive impact on prices. However, whether the destocking in the PPGI market will continue is still uncertain. It is thought that PPGI prices in the Chinese domestic market will fluctuate within a limited range in the coming week.
As of July 10, HRC futures at Shanghai Futures Exchange are standing at RMB 3,291/mt ($452/mt), increasing by RMB 12/mt ($1.8/mt) or 0.4 percent since July 3, while decreasing by 0.18 percent compared to the previous trading day, July 9.
$1 = RMB 6.7989
