Ex-China cold rolled coil (CRC) prices have edged up slightly over the past week amid increases in local CRC prices.
At present, export offers for CRC from China are in a range of around $535-550/mt FOB, for April shipment, rising by $5/mt on average week on week. Meanwhile, the tradable levels for ex-China CRC have been heard at $530-535/mt FOB, versus $530/mt FOB recorded in the previous week.
During the given week, CRC prices in the Chinese domestic market have edged up amid the slight declines in CRC producers’ capacity utilization rates and CRC outputs. Inventory of CRC has decreased in the given week, while CRC stocks have been at low levels recently, signaling that stock reduction will slow down in the near future. The overall market turnover during the given week has been at average levels. As the Tomb Sweeping Day holiday (April 4-6) is approaching, market activity may be negatively affected. It is thought that CRC prices in the Chinese domestic market will likely fluctuate within a limited range in the coming week.
Average domestic 1.0 mm cold rolled coil spot prices in China are at RMB 3,767/mt ($525/mt) ex-warehouse, increasing by RMB 10/mt ($1.4/mt) compared to March 26, according to SteelOrbis’ information.
As of April 2, HRC futures at the Shanghai Futures Exchange are standing at RMB 3,352/mt ($467.5/mt), decreasing by RMB 34/mt ($4.7/mt) or 1.0 percent since March 26, while up 0.24 percent compared to the previous trading day, April 1.
$1 = RMB 7.1754
