Ex-China cold rolled coil (CRC) prices have remained stable over the past week.
At present, export offers for CRC given by major Chinese mills are at around $550-565/mt FOB, for January shipment, moving sideways on average week on week. Meanwhile, the tradable levels for ex-China CRC have been heard at $550-560/mt FOB, versus the range of $550-560/mt recorded last week.
During the given week, CRC prices in the Chinese domestic market have remained stable. Demand for CRC from downstream users has slowed down, exerting a negative impact on prices, while increasing HRC futures prices have bolstered market sentiments. At the same time, import iron ore prices have moved up, providing support for CRC prices from the cost side. It is expected that CRC prices in the Chinese domestic market will fluctuate within a limited range in the coming week.
Average domestic 1.0 mm cold rolled coil spot prices in China are at RMB 3,897/mt ($549/mt) ex-warehouse, moving sideways compared to October 30, according to SteelOrbis’ information.
As of November 6, HRC futures at the Shanghai Futures Exchange are standing at RMB 3,560/mt ($501/mt), increasing by RMB 28/mt ($3.9/mt) or 0.8 percent since October 30, while down 1.0 percent compared to the previous trading day, November 5.
$1 = RMB 7.0993
