During the week ending January 28, prices in the Chinese domestic cold rolled coil (CRC) market have continued to indicate an overall downward trend, while transaction activity in the market has remained at low levels. Average CRC prices in the local Chinese market can be viewed in the SteelOrbis price reports section.
During the given week, with the approach of the Spring Festival holiday (February 18-24), traders in the Chinese domestic CRC market have reduced their prices in order to sell products and bring in cash. Although CRC prices have softened over the past several weeks, traders say that the lower prices have not helped to improve transaction activity. Market participants think that local CRC prices might move down further, while pessimistic sentiment prevails in the market. It is expected that CRC prices in the Chinese domestic market will continue to move down in the coming week.