During the week ending August 28, average 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 |
4,230 |
-23 |
598 |
-3 |
|
|
CRS |
1.0 x 1,250 x 2,500 |
SPCC |
4,326 |
-36 |
611 |
-5 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, HRC futures prices at Shanghai Futures Exchange (SHFE) have moved on a downward trend, exerting a negative impact on CRC market. Meanwhile, iron ore prices have edged down, weakening the support to CRC prices in spot market. At the same time, the demand for CRC has not improved, and is still slack. The escalated Sino-US trade friction since August 23 has also negatively affected the market. Domestic CRC prices in the China are expected to fall further in the coming week.
$1 = RMB 7.07