During the week ending February 2, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have edged down further, 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 between $700-740/mt, remaining stable on average compared to that recorded on January 26.
|
Specification (mm) |
Category |
Average price (RMB/mt) |
Weekly change (RMB/mt) |
Price ($/mt) |
Weekly change ($/mt) |
|
0.476 x 1,000 |
CGCC |
5,723 |
-17 |
806 |
-2 |
|
0.426 x 1,000 |
CGCC |
5,783 |
-17 |
814 |
-2 |
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 seen slight declines amid the decreasing HRC futures prices and slackening demand from downstream users. Most market participants left the market for the Chinese New Year holiday (February 9-16), exerting a negative impact on PPGI market. The market has gradually been into the stage of no transactions, only with offering prices. It is expected that PPGI prices in the Chinese domestic market will remain unchanged in the coming week.
As of February 2, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 3,967/mt ($559/mt), down by RMB 135/mt ($19/mt) or decreasing by 3.3 percent from RMB 4,102/mt on January 26, while indicated a decrease of 0.95 percent compared to the previous trading day (February 1).
$1 = RMB 7.1006