At present, export offers for CRC given by major Chinese mills are at $615-625/mt FOB for late January, moving up by $10/mt on average compared to October 21, while deal prices have been at $605/mt FOB, to South America and the Middle East.
During the given week, HRC futures prices have moved on an upward trend, exerting a positive impact on the CRC market. Meanwhile, inventory levels have not indicated big changes, bolstering CRC prices. However, demand for CRC has not indicated a significant improvement, negatively affecting market players’ sentiments.
Average domestic 1.0 mm cold rolled coil spot prices in China are at RMB 4,743/mt ($706/mt) ex-warehouse, rising by RMB 17/mt ($2.5/mt) compared to October 21, according to SteelOrbis’ information.
As of October 28, HRC futures at the Shanghai Futures Exchange are standing at RMB 3,854/mt ($573.5/mt), increasing by RMB 66/mt ($9.8/mt) or 1.74 percent since October 21.
$1 = RMB 6.7195
