Ex-China CRC prices have seen further decreases over the past week amid declining HRC futures prices and local CRC prices.
At present, export offers for CRC given by major Chinese mills are at around $600-610/mt FOB, for August shipment, edging down by $5/mt on average week on week. Meanwhile, the tradable levels for ex-China CRC have been heard at $590-595/mt FOB, decreasing by $5/mt on average compared to last week.
During the given week, CRC prices in the Chinese domestic market have seen further decreases as downstream users have been unwilling to build up stocks amid slack demand. Most market players have kept relatively low inventory levels as June is the traditional offseason for the steel industry. The widespread rainy weather in southern China has exerted a negative impact on the CRC market. It is expected that CRC prices in the Chinese domestic market will likely continue their downtrend in the coming week.
Average domestic 1.0 mm cold rolled coil spot prices in China are at RMB 3,930/mt ($553/mt) ex-warehouse, decreasing by RMB 73/mt ($10.3/mt) compared to June 5, according to SteelOrbis’ information.
As of June 12, HRC futures at the Shanghai Futures Exchange are standing at RMB 3,774/mt ($531/mt), decreasing by RMB 7/mt ($1/mt) or 0.2 percent since June 4, while down 0.05 percent compared to the previous trading day, June 11.
$1 = RMB 7.1133
