During the week ending November 16, the Chinese domestic cold rolled coil (CRC) market has continued to indicate an upward trend, while transaction activity in the overall market has been at low-to-medium levels. Average cold rolled product prices in the local Chinese market are presented in the following table.
During the given week, on November 11, major Chinese steelmakers Wuhan Iron and Steel Co. (WISCO) and Baosteel issued their prices for December delivery, increasing their CRC prices by RMB 350-400/mt ($51-59/mt) and RMB 300/mt ($44/mt) respectively, thereby exerting a positive impact on the CRC spot market. However, transaction activities have been at low-to-medium levels as buyers have been more cautious given the higher price levels. Moreover, ferrous metal futures prices have indicated corrections, which will negatively impact market participants’ sentiment as regards the future prospects for the spot market. It is thought that CRC prices in the Chinese domestic market will likely move sideways in the coming week.
| Product name | Spec. | Category | City | Steel plant/origin | Price (RMB/mt) | Price ($/mt) | Weekly change (RMB/mt) |
| Thin CRC | 1.0 mm x 1,250 mm x C | ST12 | Shanghai | MaSteel | 4,330 | 629 | ↑70 |
| Tianjin | Tangshan Steel | 4,120 | 599 | 0 | |||
| Lecong | MaSteel | 4,400 | 640 | ↑150 | |||
| Average | - | 4,283 | 623 | ↑73 | |||
| Thin CRS | 1.0 mm x 1,250mm x 2,500 mm | ST12 | Shanghai | Anshan Steel | 4,340 | 631 | ↑70 |
| Tianjin | Anshan Steel | 4,450 | 647 | ↑70 | |||
| Lecong | Anshan Steel | 4,420 | 642 | ↑150 | |||
| Average | - | 4,403 | 640 | ↑96 |
17 percent VAT is included in all prices and all prices are ex-warehouse.
$1 = 6.88 RMB