Chinese domestic CRC market still trends down

The falling trends in the steel futures market and in China's local hot rolled coil (HRC) prices have exerted a negative impact on prices in the domestic CRC market. Meanwhile, due to slow deliveries during the recent period amid bad weather, increased volumes are expected to be delivered to the market in the coming two to three weeks, thereby likely pushing up CRC market inventory. However, demand from downstream users will be better in March and higher costs of material for March and April delivery will provide strong support for domestic market CRC prices. It is thought that CRC prices in the Chinese domestic market will move sideways in the coming week.