During the week ending October 23, 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 |
4,183 |
-36 |
591 |
-5 |
|
|
CRS |
1.0 x 1,250 x 2,500 |
SPCC |
4,300 |
-36 |
608 |
-5 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, market players are mostly waiting to gain a clearer picture of the prospects for the market amid the current slack demand, while they have been willing to sell at lower prices to avoid potential risks.
However, hot rolled coil (HRC) futures prices in China rose by 0.76 percent on October 23 compared to October 16, to RMB 3,312/mt ($468/mt), possibly signaling the bottoming-up of the steel futures market and the steel market.
$1=RMB 7.075