During the week ending February 11, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have indicated rises, 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 $970-1,020/mt, moving up by $55/mt week on week.
|
Specification (mm) |
Category |
Average price (RMB/mt) |
Weekly change (RMB/mt) |
Price ($/mt) |
Weekly change ($/mt) |
|
0.476 x 1,000 |
CGCC |
6,963 |
+93 |
1,093 |
+15 |
|
0.426 x 1,000 |
CGCC |
7,080 |
+94 |
1,112 |
+16 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, PPGI prices have risen amid increasing HRC futures prices and the prevailing bullish sentiments among market players. At the same time, demand for PPGI has not seen any significant improvement, though market players think demand will improve in the coming period. It is thought that PPGI prices in the Chinese domestic market will likely move sideways in the coming week.
As of February 11, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 5,033/mt ($790/mt), up RMB 88/mt ($13.8/mt) or 1.8 percent from RMB 4,945/mt on January 28.
$1 = RMB 6.3681