Transaction activity in the Chinese CRC market has been fairly quiet over the past week due to the approach of the Spring Festival/Chinese New Year holiday, while most traders and downstream enterprises plan to exit the market for their holidays from next week.
Traders hold an optimistic view of the prospects for the CRC market after the holiday. This is because, on the one hand, CRC product order volumes from steelmakers for February delivery have been relatively low which may result in shortages of CRC supplies in the market in February and March, while, on the other hand, domestic mills' recent upward price adjustments will provide a certain degree of support for future CRC prices.
Overall, China's domestic CRC market is expected to maintain a stable trend ahead of the Spring Festival holiday, while prices will likely move up after the holiday.