During the week ending November 27, average cold rolled coil (CRC) prices in the Chinese domestic market have edged up due to the price rises seen in Lecong in southern China, 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 |
4,320 |
+20 |
614 |
+1 |
|
|
CRS |
1.0 x 1,250 x 2,500 |
SPCC |
4,430 |
+20 |
630 |
+1 |
All prices are ex-warehouse and include 13 percent VAT.
During the given week, more CRC supplies arrived in the market, though market inventories have remained at relatively low levels, providing support for CRC prices. However, following previous sharp price rises, market players started to maintain a wait-and-see stance.
At the same time, local CRC prices have continued to follow the movement of the local hot rolled coil (HRC) market. Average hot rolled coil prices have added RMB 5/mt ($0.7/mt) over past the week ended November 27, reaching RMB 3,775/mt ($536.6/mt) ex-warehouse, according to SteelOrbis’ data.
HRC futures prices at the Shanghai Futures Exchange are at RMB 3,522/mt ($500.6/mt) as of November 27, down RMB 7/mt ($1/mt) or 0.2 percent from November 20.
$1 = RMB 7.035