Ex-China cold rolled coil (CRC) prices have remained stable ahead of the Labor Day holiday (May 1-5).
At present, export offers for CRC from China are in a range of around $535-545/mt FOB, for June shipment, remaining stable on average week on week. Meanwhile, the tradable levels for ex-China CRC have been heard at $530-535/mt FOB.
During the given week, CRC prices in the Chinese domestic market have continued their downtrend amid relatively high supplies to the spot market. Traders have cut their selling prices of CRC to stimulate transaction activities ahead of the Labor Day holiday. However, the oversupply situation in the CRC market has resulted in poor transaction activities. Most market players are cautious as regards the future market trend. It is thought that CRC prices in the Chinese domestic market will move sideways in the coming period.
Average domestic 1.0 mm cold rolled coil spot prices in China are at RMB 3,600/mt ($500/mt) ex-warehouse, moving down by RMB 43/mt ($6/mt) compared to April 23, according to SteelOrbis’ information.
As of April 30, HRC futures at the Shanghai Futures Exchange are standing at RMB 3,204/mt ($445/mt), decreasing by RMB 29/mt ($3.9/mt) or 0.9 percent since April 23, while down 0.44 percent compared to the previous trading day, April 29.
$1 = RMB 7.2014
