During the week ending October 23, prices in the Chinese domestic cold rolled coil (CRC) market have been characterized by downticks, with buyers sitting on the sidelines. Average CRC prices in the local Chinese market can be viewed in the SteelOrbis price reports section.
As local traders report, there have been few inquiries in the local Chinese CRC market in recent days amid overall pessimistic sentiment. On the one hand, although small improvements have been witnessed in both supply and demand, both are still on the low side, and market prices have been trending down. On the other hand, there was a significant rise in output in the domestic automobile sector in September. Nevertheless, in the current month leading mills have not filled their order books for CRC products. As regards the coming week, it is thought that Chinese domestic CRC prices will probably fluctuate in a downward direction.