Ex-China CRC prices have moved sideways compared to the previous week, though the tradable level has declined a little as the local market has been still weak and bids have been lower.
At present, export offers for CRC given by major Chinese mills are at $730/mt FOB for June shipment, moving sideways compared to March 22.
The tradable level of ex-China CRC has been heard at $700-720/mt FOB, down by $10/mt on average over the past week.
“The rebounding trend of HRC futures prices has provided certain support for ex-China CRC offer prices, while market players are still cautious as regards the future prospects for the CRC market,” an international trader told SteelOrbis.
During the given week, CRC prices in the Chinese domestic market have remained stable amid the prevailing cautious sentiments among market players. The orders from the auto industry have shrunk, resulting in the declining pace of inventory consumption, and so traders have chosen to sell at lower prices to bring in cash. 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 4,723/mt ($686.5/mt) ex-warehouse, moving down by RMB 13/mt ($1.9/mt) compared to March 22, according to SteelOrbis’ information.
As of March 29, HRC futures at the Shanghai Futures Exchange are standing at RMB 4,271/mt ($621/mt), decreasing by RMB 15/mt ($2.2/mt) or moving down by 0.35 percentsince March 22.
$1 = RMB 6.8715
