Color coated coils resist price decrease

SteelOrbis Shanghai Despite the decrease in hot and cold rolled steel sheet prices, color coated coil market prices are still resisting to a decline. Furthermore, the mills are also trying to support the market by keeping their ex-factory prices strong. Meanwhile, China's growing color coated coil exports in September have also supported the domestic market. On November 3, the average market price of 0.476 mm color coated coil was RMB 6,693/mt ($850), up RMB 13/mt ($2) compared with last week; that of 0.4 mm color coated coil was RMB 7,143/mt ($908), up RMB 33/mt ($4) compared with last week; meanwhile the price of 0.286 mm color coated coils imported from Taiwanese Yieh Phui remained unchanged at RMB 8,000/mt ($1,011). The market price of color coated coil remained stable in week 44. The market trading volume did not change much and market inventories went up a little. Though the decrease in CR and HR market prices influenced the attitude of traders and though GI market prices also began to decrease this week, the supply of the mills to the domestic market continued to remain at a low level, and therefore the market price of color coated coil did not change much during the week. Due to the reduction in downstream demand, if the market inventories increase rapidly in the upcoming period, the market price of color coated coil will soon go down. In week 44, Wuhan Iron & Steel Company's (WISCO) color coated coil ex-factory price remained unchanged, while that of Handan Steel increased RMB 200/mt ($25). These are providing a strong support for the steadiness of the color coated coil price. During the week, the Chinese authorities released the September import and export data for color coated coil. According to the new figures, September imports of color coated coil totaled 23,100 metric tons, down 1,900 metric tons compared with August. Meanwhile, September exports of color coated coil added up to 66,600 metric tons, up 14,400 metric tons compared with August. Thus, the net exports of color coated coil amounted to 43,800 metric tons in September, up 16,300 metric tons month on month.