During the week ending November 20, average cold rolled coil (CRC) prices in the Chinese domestic market have moved up significantly, 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 |
4,300 |
+106 |
613 |
+14 |
|
|
CRS |
1.0 x 1,250 x 2,500 |
SPCC |
4,410 |
+103 |
629 |
+14 |
All prices are ex-warehouse and include 13 percent VAT.
During the given week, there have been few CRC supplies arriving in the market, resulting in low inventory levels, thereby providing support for CRC prices. Meanwhile, China’s central bank’s measures to inject liquidity into the market have exerted a positive impact on market sentiment. However, demand has not shown any significant improvement, which will likely limit the rising momentum of prices in the future.
Local CRC prices have been following the movement of the local HRC market. Average HRC prices have added RMB 85/mt ($12/mt) over past the week ended on November 20, reaching RMB 3,770/mt ($538/mt) ex-warehouse, according to SteelOrbis’ data.
Hot rolled coil (HRC) futures prices at the Shanghai Futures Exchange are at RMB 3,529/mt ($482.4/mt) as of November 20, up RMB 152/mt ($21.7/mt) or 4.5 percent from November 13.
$1 = RMB 7.0118