During the past week the Chinese cold rolled coil (CRC) market has dropped down slightly, while market players are not confident about the future. On November 24, the average CRC prices in the main Chinese markets are as follows:
Product name |
Specification |
Category |
Average price (RMB/mt) |
Weekly change (RMB/mt) |
Price ($/mt) |
Weekly change ($/mt) |
1.0 mm × 1,250 mm × C |
SPCC |
5,300 |
-43 |
797 |
-6 |
|
CRS |
1.0 mm × 1,250 mm ×2,500 mm |
SPCC |
5,383 |
-24 |
810 |
-4 |
On November 24, prices of ST12 1.0 mm × 1,250 mm × C CRC stand at RMB 5,290/mt ($795/mt), RMB 5,250/mt ($789/mt) and RMB 5,360/mt ($806/mt) respectively in the Shanghai, Tianjin and Lecong markets. In addition, prices of ST12 1.0 mm × 1,250 mm × 2,500 mm CRS stand at RMB 5,350/mt ($805/mt), RMB 5,400/mt ($812/mt) and RMB 5,400/mt ($812/mt) respectively in the Shanghai, Tianjin and Lecong markets. All the above prices include 17 percent VAT (US$1 = RMB 6.65).
With the major steel mills' December price policies being clarified, mainstream CRC market prices dropped down. Raw material prices were not high enough to support CRC market prices. Traders began to be less confident and market transactions were scarce.
At the beginning of the past week, Wuhan Iron and Steel Corporation (WISCO) and Angang Steel lowered their CRC prices for December orders by RMB 150-240/mt ($22-36/mt). Deliveries of supplies in northern China are reported to be slow.
On November 24, aggregate CRC inventory in the main Chinese cities stands at 1,408,180 million mt, down from 1,408,510 on November 17.
Generally speaking, Chinese CRC prices are expected to trend down slightly in the coming week.