Ex-China CRC prices have seen slight decreases over the past week amid the declining trend of local CRC prices.
At present, export offers for CRC given by major Chinese mills are at around $575-580/mt FOB, for August shipment, edging down by $2.5/mt on average week on week. Meanwhile, the tradable levels for ex-China CRC have been heard at $570-575/mt FOB, decreasing by $2.5/mt on average compared to last week.
During the given week, CRC prices in the Chinese domestic market have edged down slightly amid decreasing HRC futures prices. Meanwhile, cautious sentiments have prevailed among market players, exerting a negative impact on the CRC market. Demand for CRC from downstream users has been slack, resulting in reduced bookings from traders. Oversupply may continue to negatively affect CRC prices in the near future. It is thought that CRC prices in the Chinese domestic market will likely edge down in the coming week.
Average domestic 1.0 mm cold rolled coil spot prices in China are at RMB 3,870/mt ($543/mt) ex-warehouse, decreasing by RMB 53/mt ($7.4/mt) compared to July 3, according to SteelOrbis’ information.
As of July 10, HRC futures at the Shanghai Futures Exchange are standing at RMB 3,681/mt ($516/mt), decreasing by RMB 128/mt ($18/mt) or 3.4 percent since July 3, while down 0.73 percent compared to the previous trading day, July 9.
$1 = RMB 7.1312
