Color coated coil market price edges up

SteelOrbis Shanghai This week, the market price of color coated coil increased slightly, while the market trading volume and inventories of color coated coil still remained quiet. Meanwhile, some steel mills released new ex-factory prices. On January 12, 2007, the average market price of 0.476 mm color coated coil was RMB 6,687/mt ($857/mt), up RMB 47/mt ($6/mt) compared with last week; while that of 0.4 mm color coated coil was RMB 7,210/mt ($924/mt), up RMB 70/mt ($9/mt) compared with last week. Meanwhile, the average market price of 0.286 mm Yieh Phui imported color coated coil was RMB 8,050/mt ($1,032/mt), up RMB 50/mt ($6/mt). As we have remarked, during the week the color coated coil market price increased slightly, while the market inventory and market trading volume remained unchanged compared with last week. Due to the hike in HDG market prices, the cost of color coated coil makers went up. As a result, some steel mills began increasing their ex-factory prices. which gave great support to the market price. During the week, the demand for color coated coil in some markets, such in the eastern city of Boxing, grew somewhat. With the market inventories of color coated coil remaining low, traders started to increase their selling prices, thus boosting overall average prices in China. However, as many deals for color coated coil were done between traders, it was hard to be sure that the increase in the market price of color coated coil was really accepted by the end users. The market price next week is expected to continued its stable trend with a slight increase. Finally, the new ex-factory prices of Benxi Steel's color coated coil increased RMB 100/mt ($13/mt), while that of Angang and WISCO's color coated coil remained unchanged compared with last month.