During the week ending August 21, prices in the Chinese domestic cold rolled coil (CRC) market have moved up slightly, though transaction activity has been on the weak side. Average CRC prices in the local Chinese market can be viewed in the SteelOrbis price reports section.
Major Chinese steelmakers Baosteel, WISCO and Hebei Iron and Steel Group have increased their CRC prices for September delivery, providing a certain degree of support for domestic CRC spot prices. Traders are upbeat on the prospects for the market in the coming period and they believe CRC prices are unlikely to move down. However, a slight rise in CRC inventory in the market, the increase in supplies entering the market and the lack of a significant improvement in demand may negatively affect domestic CRC prices. It is expected that Chinese domestic CRC prices will move sideways in the coming week.