With the Spring Festival (February 14-21) approaching and also given that current steel prices are indicating a decline, nearly one third of Chinese PPGI producers have started their holidays and the domestic market has been characterized by a general stagnation in recent days. It is expected that the domestic PPGI market will not see much change in the coming weeks against a background of shrinking demand.
Product name | Specification | Category | Average price(RMB) | Weekly change | Price (US$) | Weekly change (US$) |
PPGI | 0.476 mm x 1,000 mm | CGCC | 5,913 | -84 | 867 | |
PPGI | 0.426 mm x 1,000 mm | CGCC | 6,467 | -17 | 948 | -2 |
Currently, most PPGI producers in China are generally maintaining their stocks at normal levels. Tangshan Guofeng recently issued its HRC settlement price for January delivery, while Shandong Huijin and Shandong Kelong have offered their 0.3 mm PPGI at RMB 5,900-5,950/mt ($865-872/mt). Given the slack levels of commercial activity, the domestic market has been characterized by a general stagnation.
As regards base materials, Hengtong has announced RMB 4,880-4,900/mt ($715-718/mt) for its 0.35 mm base plate, a little bit lower compared with the general market levels. However, since about one third of the PPGI producers have started their holidays, demand for base materials has seemed quite limited in recent days.
In Lecong, the PPGI market reports sufficient supplies of various specifications, with adequate stocks held by the various traders and very few arrivals of new supplies.
China's PPGI exports in December stood at 176,700 mt, down 84,300 mt or 32.29 percent year on year, totaling $141 million in value, down $176 million or 55.5 percent compared with December 2008. The average export price was $796.77/mt. Total PPGI exports in 2009 reached 1.3148 mt, down 1.2365 million mt or 48.46 percent, amounting to $1.137 billion in value, down $1.843 billion or 61.84 percent year on year.
PPGI imports in December stood at 27,800 mt, up 7,700 mt or 38.16 percent year on year, totaling $33 million in value, up $12 million or 55.69 percent compared with the same month last year. The average import price was $1,182.79/mt. Total PPGI imports in 2009 reached 353,500 mt, up 85,100 mt or 31.69 percent, amounting to a total value of $418 million, up $121 million or 40.61 percent year on year.