Traders in the Chinese CRC market are now less confident and are willing to negotiate on prices. Although actual transaction prices are RMB 10-20/mt ($1-3/mt) lower than offer price levels, transaction volumes are still on the low side.
At present, many negative factors exist in the market. The recent improvement in exports, which had provided some support, has now faded. In addition, steel mills have not yet moved to reduce outputs, It is expected that the Chinese CRC market will remain on its downtrend in the coming period.