During the week ending April 8, prices in the Chinese domestic cold rolled coil (
CRC) market have generally indicated a downward trend, while transaction activity in the market has remained slack.
Average CRC prices in the local Chinese market can be viewed in the SteelOrbis price reports section.
Oversupply still exists in the Chinese domestic
CRC market and so most
CRC traders are pessimistic on the future prospects for the market and have lowered their sales prices. Some steelmakers are planning maintenance work. Major domestic producers Shougang, Masteel and WISCO will carry out overhauls, which will likely provide a certain degree of support for
CRC prices. Moreover, demand for
CRC will be better in April and May, which will also exert a positive impact on the
CRC market. It is thought that domestic
CRC prices may hit bottom levels in the coming week and subsequently start to increase.