During the week ending April 26, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have fluctuated within a limited range, 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 between $675-695/mt, edging up by $5/mt compared to that recorded on April 19.
|
Specification (mm) |
Category |
Average price (RMB/mt) |
Weekly change (RMB/mt) |
Price ($/mt) |
Weekly change ($/mt) |
|
0.476 x 1,000 |
CGCC |
5,543 |
- |
780 |
- |
|
0.426 x 1,000 |
CGCC |
5,637 |
+17 |
793 |
+4 |
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 increased for thin specifications, though remaining stable for thick specifications as some downstream users have built up some stocks ahead of the Labor Day holiday (May 1-5). HRC futures prices have decreased slightly, negatively affecting market sentiments. Inventory of PPGI has been at relatively high levels, and PPGI producers have been willing to produce, increasing the supply to the market, while weakening the support for PPGI prices. It is expected that PPGI prices in the Chinese domestic market will continue to fluctuate within a limited range in the coming week.
As of April 26, HRC futures at Shanghai Futures Exchange are standing at RMB 3,833/mt ($540/mt), decreasing by RMB 2/mt ($0.28/mt) or 0.05 percent since April 19, while down 0.13 percent compared to the previous trading day, April 25.
$1 = RMB 7.1056