During the week ending November 14, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have indicated slight decreases compared to the previous week, 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.
Offer prices of ex-China PPGI have been heard at $570-610/mt, down $2.5/mt on average compared to November 7.
| Specification (mm) | Category | Average price (RMB/mt) | Weekly change (RMB/mt) | Price ($/mt) |
Weekly change ($/mt) |
| 0.476 x 1,000 | CGCC | 4,763 | -10 | 673 | -1 |
| 0.426 x 1,000 | CGCC | 4,923 | -10 | 695 | -1 |
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 indicated slight decreases. Downstream buyers’ order bookings have declined slightly amid slack demand, exerting a negative impact on PPGI prices. Major Chinese steelmaker Baosteel had decided to keep its local base prices stable for its PPGI for delivery in December this year, which may bolster prices to a certain degree in the near future. Moreover, coke prices have seen a fourth round of hikes, which will provide support for PPGI prices from the cost side. It is thought that PPGI prices in the Chinese domestic market will move sideways in the coming week.
As of November 14, HRC futures at Shanghai Futures Exchange are standing at RMB 3,256/mt ($457/mt), increasing by RMB 11/mt ($1.5/mt) or 0.3 percent since November 7, while up 0.06 percent compared to the previous trading day, November 13.
$1 = RMB 7.0825