Ex-China CRC prices have edged down slightly compared to the previous week.
At present, export offers for CRC given by major Chinese mills are at $620-625/mt FOB for August shipment, edging down by $5/mt compared to June 21.
The tradable level of ex-China CRC offer prices has been heard at $615-620/mt FOB, versus $620/mt FOB last week.
“The hot weather and continuous rainy days in eastern China may slacken the demand for CRC, which will exert a negative impact on CRC prices,” an international trader told SteelOrbis.
During the given week, average CRC prices in the Chinese domestic market moved down amid the sluggish demand from downstream users due to the Dragon Boat Festival holiday, large-scale rainy weather and high temperature in China. The production activities slowed down, which reduced the output, likely bolstering CRC prices to some extent. However, traders will unlikely build up stock amid the prevailing cautious sentiments. It is expected that CRC prices in the Chinese domestic market will likely move on a fluctuating trend within a limited range in the coming week.
Average domestic 1.0 mm cold rolled coil spot prices in China are at RMB 4,217/mt ($585/mt) ex-warehouse, decreasing by RMB 47/mt ($6.5/mt) compared to June 21, according to SteelOrbis’ information.
As of June 28, HRC futures at the Shanghai Futures Exchange are standing at RMB 3,825/mt ($530.5/mt), increasing by RMB 39/mt ($5.4/mt) or up by 1.03 percent since June 21.
$1 = RMB 7.2101
