Ex-China cold rolled coil (CRC) prices have seen a slight increase over the past week despite sharp declines in local CRC prices. Meanwhile, since the end of last week hot rolled coil (HRC) futures prices were showing upward movement, though as of Wednesday, August 7, futures prices have dropped once again.
At present, export offers for CRC given by major Chinese mills are at around $555-560/mt FOB, for October shipment, increasing by $5/mt on the lower end of the range week on week. Meanwhile, the tradable levels for ex-China CRC have been heard at $555/mt FOB, increasing by $5/mt on average compared to last week.
During the given week, CRC prices in the Chinese domestic market have indicated big decreases amid the slack demand from downstream users. Meanwhile, market players have chosen to sell at lower prices, aiming to stimulate transaction activities.
Average domestic 1.0 mm cold rolled coil spot prices in China are at RMB 3,627/mt ($508/mt) ex-warehouse, decreasing by RMB 103/mt ($14/mt) compared to July 31, according to SteelOrbis’ information.
As of August 7, HRC futures at the Shanghai Futures Exchange are standing at RMB 3,481/mt ($488/mt), decreasing by RMB 7/mt ($1/mt) or 0.2 percent since July 31, while down 0.66 percent compared to the previous trading day, August 6.
$1 = RMB 7.1386
