During the week ending December 14, Chinese cold rolled coil (CRC) prices have trended down slightly. Cold rolled prices in the Chinese market can be viewed in the SteelOrbis price reports section.
Although domestic steel giant Baosteel increased its cold rolled prices by RMB 100/mt ($15/mt) in its new price policy for January delivery issued on December 12, the Chinese CRC market has lacked sufficient support for a rebound, while some traders are cautious on the prospects for the future market. Considering their costs, traders are not willing to cut their prices by large margins, and so CRC market prices have trended down with just a slight decrease.
Some traders believe that other domestic flat steel producers including Anshan Steel, Benxi Steel and Masteel will soon adjust their prices following Baosteel's example. Meanwhile, it is thought that there will be a greater availability of funds at the start of next year, and so China's cold rolled coil market could indicate a slight rebound.
Overall, it is expected that China's cold rolled market will trend sideways in the coming week.