Ex-China CRC prices from mills have moved up slightly over the past week amid increasing HRC futures prices, though tradable prices have remained relatively stable due to declines in local CRC prices.
At present, export offers for CRC given by major Chinese mills are at around $615-625/mt FOB, for July shipment, moving up by $5/mt on average week on week. Meanwhile, the tradable levels for ex-China CRC have been heard at $604-610/mt FOB, compared to $600-610/mt FOB last week.
During the given week, CRC prices in the Chinese domestic market have moved up amid increasing HRC futures prices. Market sentiments have improved amid China’s issuance of stimulus policies for the real estate industry, while market players hold cautious sentiments as regards the future prospects for the CRC market. Demand for CRC has improved slightly, exerting a positive impact on prices. It is thought that CRC prices in the Chinese domestic market will likely edge up in the coming week.
Average domestic 1.0 mm cold rolled coil spot prices in China are at RMB 4,127/mt ($581/mt) ex-warehouse, increasing by RMB 34/mt ($4.8/mt) compared to May15, according to SteelOrbis’ information.
As of May 22, HRC futures at the Shanghai Futures Exchange are standing at RMB 3,910/mt ($550/mt), increasing by RMB 136/mt ($19.2/mt) or 3.6 percent since May 15, while up 1.19 percent compared to the previous trading day, May 21.
$1 = RMB 7.1077
