Ex-China CRC prices have moved up slightly since the resumption of work after the holiday, but buying activity has remained poor so far.
At present, export offers for CRC given by major Chinese mills are at $1,020-1,030/mt FOB for December shipment, with average prices increasing by $5/mt compared to September 29. “The rising local CRC prices and the better sentiments have resulted in higher ex-China CRC offer prices being heard in the market,” an international trader told SteelOrbis.
During the given week, domestic CRC prices in China have risen slightly after the long holiday as the market has been awaiting restocking activity, but the fluctuating trend of HRC futures prices has been exerting some pressure. Downstream users have been unwilling to purchase amid the prevailing cautious sentiments.
Average domestic 1.0 mm cold rolled coil spot prices in China are at RMB 6,446/mt ($999.4/mt) ex-warehouse, moving up by RMB 13/mt ($2.0/mt) compared to September 29, according to SteelOrbis’ information.
As of October 12, HRC futures at the Shanghai Futures Exchange are standing at RMB 5,619/mt ($870/mt), decreasing by RMB 78/mt ($12.1/mt) or 1.4 percent since September 29.
$1 = RMB 6.4612
