Ex-China cold rolled coil (CRC) prices have edged up slightly amid the improvement in market sentiments and increases in HRC futures prices.
At present, export offers for CRC from China are in a range of around $555-570/mt FOB, for April shipment, edging up by $7.5/mt on average week on week. However, the tradable levels for ex-China CRC have been heard at $540-555/mt FOB, up by $5/mt on the higher end of the range week on week.
During the given week, CRC prices in the Chinese domestic market risen slightly amid increasing HRC futures prices. Meanwhile, demand from downstream users is gradually improving, exerting a positive impact on CRC prices. At the same time, CRC producers have received sufficient orders from auto manufacturers and home appliance companies, bolstering the CRC market. Moreover, market participants expect a better performance for CRC in the coming period. It is thought that CRC prices in the Chinese domestic market will continue their uptrend in the coming week.
Average domestic 1.0 mm cold rolled coil spot prices in China are at RMB 3,840/mt ($536/mt) ex-warehouse, moving up by RMB 13/mt ($1.8/mt) compared to February 12, according to SteelOrbis’ information.
As of February 19, HRC futures at the Shanghai Futures Exchange are standing at RMB 3,430/mt ($478/mt), increasing by RMB 15/mt ($2.1/mt) or 0.44 percent since February 12, while up 0.32 percent compared to the previous trading day, February 18.
$1 = RMB 7.1705
