During the week ending December 4, average cold rolled coil (CRC) prices in the Chinese domestic market have moved up due to rises seen in Lecong and Shanghai, with transaction activity in the overall market being at low-to-medium levels. Average cold rolled product prices in the local Chinese market are presented in the following table.
|
Product name |
Specification (mm) |
Category |
Average price (RMB/mt) |
Weekly change (RMB/mt) |
Price ($/mt) |
Weekly change ($/mt) |
|
1.0 x 1,250 x C |
SPCC |
4,383 |
+63 |
623 |
+9 |
|
|
CRS |
1.0 x 1,250 x 2,500 |
SPCC |
4,500 |
+70 |
639 |
+9 |
All prices are ex-warehouse and include 13 percent VAT.
During the given week, some CRC grades have still been in short supply, pushing up CRC prices in the spot market. However, demand for CRC has been slack due to the colder weather. It is thought that CRC prices in the Chinese domestic market will move sideways in the coming week.
Local CRC prices have still been following the movement of the local hot rolled coil (HRC) market. Average HRC prices have added RMB 35/mt ($5/mt) over past the week ended on December 4, reaching RMB 3,810/mt ($541.3/mt) ex-warehouse, according to SteelOrbis’ data.
Hot rolled coil futures prices at the Shanghai Futures Exchange are at RMB 3,600/mt ($511.5/mt) as of December 4, up RMB 78/mt ($11.1/mt) or 2.2 percent from November 27.
$1 = RMB 7.0382