Ex-China cold rolled coil (CRC) prices have moved down slightly over the past week amid declining HRC futures prices coupled with the slump in local CRC offers and the ongoing weakness of demand from overseas buyers.
At present, export offers for CRC given by major Chinese mills are at around $550-560/mt FOB, for January shipment, edging down by $2.5/mt on average week on week. Meanwhile, the tradable levels for ex-China CRC have been heard at $550-555/mt FOB, versus the range of $550-560/mt recorded last week.
During the given week, CRC prices in the Chinese domestic market have moved down amid declining HRC futures prices. Sentiments among market participants as regards the future price trend are mixed. Currently, CRC inventories held by traders are at relatively low level, bolstering prices to a certain degree. 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 3,850/mt ($535/mt) ex-warehouse, moving down by RMB 47/mt ($6.5/mt) compared to November 6, according to SteelOrbis’ information.
As of November 13, HRC futures at the Shanghai Futures Exchange are standing at RMB 3,513/mt ($488/mt), decreasing by RMB 47/mt ($6.5/mt) or 1.3 percent since November 6, while up 0.29 percent compared to the previous trading day, November 12.
$1 = RMB 7.1991
