During the week ending October 22, prices in the Chinese domestic cold rolled coil (
CRC) market have continued their slight downtrend, while transaction activity has remained at poor levels.
Average CRC prices in the local Chinese market can be viewed in the SteelOrbis price reports section.
During the given week, liquidity has been tighter in the local
CRC market. Accordingly, traders have lowered their sales prices as they are under pressure to bring in cash and pay off debts as the end of the month approaches. Meanwhile, Shanghai-based Baosteel has issued its prices for November deliveries, decreasing its
CRC prices from its main production site by RMB 100/mt ($16/mt), with this price cut exerting a negative impact on the trend of the domestic
CRC market. Furthermore,
China's GDP saw a slower year-on-year growth of 7.3 percent in the third quarter, which also reflects the slacker demand for steel from downstream industries in
China. It is expected that
CRC prices in the Chinese domestic market will move down further in the coming week.