Ex-China cold rolled coil (CRC) prices have edged down over the past week given another drop in local CRC prices and decreasing hot rolled coil (HRC) futures prices.
At present, export offers for CRC given by major Chinese mills are at around $540-545/mt FOB, for October shipment, edging down by $5/mt on average week on week. Meanwhile, the tradable levels for ex-China CRC have been heard at $510-520/mt FOB, versus $520/mt recorded last week.
During the given week, CRC prices in the Chinese domestic market have edged down amid decreasing HRC futures prices. Major Chinese steelmaker Shagang Group has cut its HRC prices by RMB 200/mt ($28/mt) for delivery in September, weakening the support for CRC prices. Since demand has remained slack, market players hold a cautiously bearish view as regards the future prospects for the CRC market.
Average domestic 1.0 mm cold rolled coil spot prices in China are at RMB 3,400/mt ($483/mt) ex-warehouse, decreasing by RMB 37/mt ($5.2/mt) compared to August 28, according to SteelOrbis’ information.
As of September 4, HRC futures at the Shanghai Futures Exchange are standing at RMB 3,171/mt ($466/mt), decreasing by RMB 150/mt ($1.3/mt) or 4.52 percent since August 28, while down 2.61 percent compared to the previous trading day, September 3.
$1 = RMB 7.1148
