Color coated coil market price sees stable New Year

SteelOrbis Shanghai This week, the market price of color coated coil remained quiet, while the market trading volume and market inventories continued at a low level. The Chinese authorities announced the November import & export data for the steel industry during the week. Meanwhile, some steel mills released new ex-factory prices. On January 5, 2007, the average market price of 0.476 mm color coated coil was RMB 6,640/mt ($851/mt), down RMB 30/mt ($4/mt) compared with last week's level; that of 0.4 mm color coated coil was RMB7140/mt ($915/mt), up RMB 40/mt ($5/mt) from last week. Meanwhile, the average market price of 0.286 mm color coated coil imported from Taiwanese Yieh Phui was unchanged at RMB 8,000/mt ($1,026/mt). Last week's price hike in Baosteel's color coated coil ex-factory price had made a significant contribution to the stability of the color coated coil market. Indeed, the market price of color coated coil continued its steadiness after New Year's Day (last Monday). Customer demand and the market trading volume retained their previous levels. The supply and demand for color coated coil in the domestic market remained balanced on the whole. Though the demand for color coated coil did not see any increase, market inventories still stayed at a low level. As a result, the market price of color coated coil is also expected to continue its steady trend in the period ahead. During the past week, the Chinese authorities released the November import and export data for color coated coil. According to the new figures, November imports of color coated coil reached 26,000 metric tons, up 3,000 metric tons compared with October. Meanwhile, November color coated coil exports totaled 83,800 metric tons, up 33,000 metric tons compared with October. Thus, net color coated coil exports for November were 57,800 metric tons, up 30,000 metric tons on October. Finally, the new ex-factory price of Wuxi NewDaZhong color coated coil remained unchanged compared with last month's price.