Ex-China cold rolled coil (CRC) prices have continued their downtrend amid declining HRC futures prices and decreasing local CRC prices.
At present, export offers for CRC from China are in a range of around $540-545/mt FOB, for April shipment, moving down by $10/mt on average week on week. Meanwhile, the tradable levels for ex-China CRC have been heard at $530-535/mt FOB, versus the range of $540-545/mt FOB recorded last week.
During the given week, CRC prices in the Chinese domestic market have edged down amid the slack demand from downstream users. Inquiries from buyers have not been as good as market players had expected. Cautious sentiments have prevailed among market participants. Sellers have chosen to sell at lower prices, aiming to bring in cash and ease financial tightness. However, the demand for CRC is expected to improve slightly in the coming period, which will provide support for prices. It is thought that CRC prices in the Chinese domestic market will fluctuate within a limited range in the coming week.
Average domestic 1.0 mm cold rolled coil spot prices in China are at RMB 3,767/mt ($525/mt) ex-warehouse, decreasing by RMB 13/mt ($1.8/mt) compared to February 26, according to SteelOrbis’ information.
As of March 12, HRC futures at the Shanghai Futures Exchange are standing at RMB 3,363/mt ($469/mt), decreasing by RMB 13/mt ($1.8/mt) since March 5, while up 0.63 percent compared to the previous trading day, March 11.
$1 = RMB 7.1696
