In the previous week, CRC prices in Lecong and Shanghai mostly remained unchanged, while upticks were observed in CRC prices in Tianjin. However, transaction activity in Tianjin has indicated an obvious decrease in the past week, with buyers maintaining a wait-and-see stance and the Tianjin market has also started to see a more stable trend. The main reasons for this are that many end-users have completed their purchases for the time being, while the long-term prospects for the market remain uncertain. Also, the softness of the hot rolled product market means less support for the CRC market.
Most traders think that current levels of inventory and liquidity still provide some support for the CRC market. Some of them are keeping their CRC offers at high levels and prefer to sit back and monitor the market trend.
Overall, it is expected that in the coming week the Chinese CRC market will maintain its sideways trend.