Ex-China CRC prices have remained stable in the past week ahead of the approaching Chinese New Year holiday (February 9-16).
At present, export offers for CRC given by major Chinese mills are at around $655-675/mt FOB on average, for April shipment, remaining stable on average over the past week. Meanwhile, the tradable levels for ex-China CRC have been heard at $650-655/mt FOB, moving sideways compared to last week.
During the given week, CRC prices in the Chinese domestic market have remained stable the Chinese New Year holiday draws closer. Only a few buyers have concluded purchases to replenish stocks. Demand in most regions of China has been sluggish. Moreover, widespread snowy and rainy weather conditions have prevailed across China, which will exert a negative impact on the circulation of supplies and cause market players to exit the market earlier ahead of the holiday. It is thought that CRC prices in the Chinese domestic market will likely move sideways in the coming week.
Average domestic 1.0 mm cold rolled coil spot prices in China are at RMB 4,347/mt ($612/mt) ex-warehouse, remaining stable compared to January 24, according to SteelOrbis’ information.
As of January 31, HRC futures at the Shanghai Futures Exchange are standing at RMB 4,005/mt ($564/mt), decreasing by RMB 75/mt ($10.6) or down 1.8 percent since January 23, while down 1.62 percent compared to the previous trading day (January 30).
$1 = RMB 7.1053
