During the past week, the Chinese CRC market operated stably, with market prices showing no changes as compared to the previous week. Players in the market have a wait-and-see attitude.
Product name |
Specification |
Category |
Average price (RMB/mt) |
Weekly change (RMB/mt) |
Price ($/mt) |
Weekly change ($/mt) |
1.0mm×1,250×C |
SPCC |
5,343 |
- |
805 |
- |
|
CRS |
1.0mm×1,250×2,500 |
SPCC |
5,407 |
- |
814 |
- |
On November 17, prices of ST12 1.0 mm × 1,250 mm × C CRC stand at RMB 5,350/mt ($806/mt), RMB 5,300/mt ($798/mt) and RMB 5,380/mt ($810/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 5,370/mt ($809/mt), RMB 5,400/mt ($813/mt) and RMB 5,450/mt ($821/mt) respectively in the Shanghai, Tianjin and Lecong markets. All the above prices include 17 percent VAT (US$1 = RMB 6.64).
During the past week, CRC market was stable. Traders and end users wait and see, while high level transaction was scarce. On the one hand, as spot market price was higher than ex-mill price, traders consider that future market price will increase, so they were not willing to lower price, but hold on sales. On the other hand, as market price increased for a period in the past, downstream users wait and see. So currently, Chinese CRC market resources have high cost but weak demand.
In general, inventory in the main Chinese CRC markets decreased. On November 17, aggregate CRC inventory in the main Chinese cities was 1.40851 million mt, down 23,250 mt week on week. On November 17, inventory in Shanghai was 496,010 mt, down 2,540 mt week on week.
Generally speaking, as construction steel and hot rolled product prices dropped, Chinese CRC market trend was stable, but supply side and demand side entered a deadlock. The future delivery situation and market attitude will influence the future trend. It is expected that in the next week Chinese CRC market will fluctuate slightly.