Ex-China cold rolled coil (CRC) prices have moved sideways over the past week.
At present, export offers for CRC from China are in a range of around $510-515/mt FOB, for July shipment, remaining unchanged on average week on week. Meanwhile, the tradable levels for ex-China CRC have been heard at $505-510/mt FOB, the same as last week.
During the given week, the average CRC prices in the Chinese domestic market have edged down amid the ongoing slack demand from downstream users. However, on July 2, amid the impact of the spreading rumours of Tangshan’s production limitations, HRC futures prices have rebounded, bolstering market sentiments firmly, resulting in rises in CRC prices. If the supply of CRC is reduced as expected, market sentiments may improve further. It is thought that CRC prices in the Chinese domestic market will move up slightly in the coming week.
Average domestic 1.0 mm cold rolled coil spot prices in China are at RMB 3,343/mt ($467/mt) ex-warehouse, decreasing by RMB 24/mt ($3.4/mt) compared to June 25, according to SteelOrbis’ information.
As of July 2, HRC futures at Shanghai Futures Exchange are standing at RMB 3,191/mt ($446/mt), increasing by RMB 93/mt ($13/mt) or 3 percent since June 25, while increasing by 2.24 percent compared to the previous trading day, July 1.
$1 = RMB 7.1546
