During the week ending March 1, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have continued to move down, though 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 $680-735/mt, moving sideways on average compared to February 23.
|
Specification (mm) |
Category |
Average price (RMB/mt) |
Weekly change (RMB/mt) |
Price ($/mt) |
Weekly change ($/mt) |
|
0.476 x 1,000 |
CGCC |
5,677 |
-40 |
799 |
-6 |
|
0.426 x 1,000 |
CGCC |
5,737 |
-40 |
807 |
-6 |
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 continued their downtrend, though the growth of inventory has slowed down, while it is still at a relatively high level. Recently, the production of PPGI has increased, resulting in sufficient supply to the spot market. HRC futures prices have edged down in the given week, exerting a negative impact on the PPGI market. It is expected that PPGI prices in the Chinese domestic market will continue their downtrend in the coming week, though the declining pace may slow down as demand will gradually improve.
As of March 1, HRC futures prices at the Shanghai Future Exchange are standing at RMB 3,885/mt ($547/mt), decreasing by RMB 20/mt ($2.8/mt) or 0.5 percent compared to February 23, while indicating a drop of 0.61 percent compared to the previous trading day, February 29.
$1 = RMB 7.1059