During the week ending October 15, average cold rolled coil (CRC) prices in the Chinese domestic market have moved down, 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 |
4,220 |
-40 |
596 |
-6 |
|
|
CRS |
1.0 x 1,250 x 2,500 |
SPCC |
4,336 |
-33 |
613 |
-5 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, demand from downstream users for CRC has been slack; thereby traders had to lower their prices for CRC to stimulate transaction activities. Meanwhile, on October 11, Baosteel has issued its ex-works prices for November delivery, holding its CRC prices stable.
However, market players have been pessimistic towards prospect for the future trend of local CRC market due to anticipated weaker demand and downtrend in ferrous metal futures prices, for instance, HRC futures prices in China have declined by 4.1 percent on October 16 compared to October 9, to RMB 3,287/mt ($471/mt).
$1=RMB 7.075