Ex-China cold rolled coil (CRC) prices have moved sideways over the past week.
More specifically, ex-China CRC offer prices from mills are at $570-580/mt FOB this week, remaining stable week on week, while the tradable levels for ex-China CRC have been heard at $565-575/mt FOB.
During the given week, CRC prices in the Chinese domestic market have moved down amid decreasing HRC futures prices. Downstream users have mostly purchased in line with their needs. Cautious sentiments have prevailed among players in the CRC market. CRC prices have been corrected downward following previous rises. Meanwhile, demand from downstream users has slackened, while iron ore prices have also edged down, weakening the support for CRC prices from the cost side. It is expected that CRC prices in the Chinese domestic market may move down further in the coming week.
Average domestic 1.0 mm cold rolled coil spot prices in China are at RMB 3,670/mt ($536.5/mt) ex-warehouse, decreasing by RMB 27/mt ($4/mt) week on week, according to SteelOrbis’ information.
As of May 20, HRC futures at Shanghai Futures Exchange are standing at RMB 3,418/mt ($500/mt), decreasing by RMB 63/mt ($9.2/mt) or 1.8 percent since May 13, while down 0.03 percent compared to the previous trading day, May 19.
$1 = RMB 6.8397
