Over the past week, traders have been reluctant to sell CRC in the Chinese domestic market amid shortages for some specifications. Meanwhile, Anshan Iron and Steel Group has issued its CRC prices for January delivery, raising them by RMB 60/mt ($9/mt), in line with increases previously announced by Baosteel.
Considering the rises which have already been witnessed in domestic CRC prices and the bearish movement of the steel futures market, traders are likely to maintain a wait-and-see attitude towards the market in the coming period.
As for the week ahead, it is expected that CRC prices in China will continue their trend of slight increase.