Ex-China CRC offer prices have remained stable over the past week, but the tradable level has declined, reflecting downward corrections seen in HRC futures prices and cautious sentiment in the market.
At present, export offers for CRC given by major Chinese mills are at $900-910/mt FOB for April shipment, moving sideways compared to February 16, though some smaller mills could provide offers $10/mt lower if there is demand.
The tradable level for ex-China CRC has been at $880-890/mt FOB, $10/mt lower compared to February 16.
During the given week, CRC prices in the Chinese domestic market have seen slight rises. “The demand for CRC will gradually improve in the near future as the weather becomes good and downstream users begin full production during the traditional peak season,” an international trader told SteelOrbis. This resumption of demand has already started to be seen, though it is far from reaching its full scale. It is expected that CRC prices in the Chinese domestic market will move sideways or keep gradually going up in the coming week.
Average domestic 1.0 mm cold rolled coil spot prices in China are at RMB 5,503/mt ($869/mt) ex-warehouse, edging up by RMB 23/mt ($3.6/mt) compared to February 16, according to SteelOrbis’ information.
As of February 23, HRC futures at the Shanghai Futures Exchange are standing at RMB 4,917/mt ($777/mt), decreasing by RMB 22/mt ($3.5/mt) or 3.5 percent since February 16.
$1 = RMB 6.3313
