Ex-China cold rolled coil (CRC) prices have edged down slightly week on week.
At present, export offers for CRC from China are in a range of around $530-540/mt FOB, for July shipment, edging down by $5/mt on average week on week. Meanwhile, the tradable levels for ex-China CRC have been heard at $525/mt FOB, versus $530/mt FOB recorded last week.
During the given week, CRC prices in the Chinese domestic market have decreased amid the sluggish demand from downstream users. Meanwhile, the sufficient supply from CRC producers has negatively affected prices. The inventory of CRC has seen continuous rises, exerting a negative impact on prices. It is thought that CRC prices in the Chinese domestic market will likely see further decreases in the coming week amid the slack demand due to the hot weather.
Average domestic 1.0 mm cold rolled coil spot prices in China are at RMB 3,390/mt ($471/mt) ex-warehouse, decreasing by RMB 37/mt ($5.1/mt) compared to May 28, according to SteelOrbis’ information.
As of June 4, HRC futures at the Shanghai Futures Exchange are standing at RMB 3,097/mt ($430/mt), decreasing by RMB 3/mt ($0.4/mt) or 0.1 percent since May 28, while up 1.61 percent compared to the previous trading day, June 3.
$1 = RMB 7.1886
