Ex-China cold rolled coil (CRC) prices have edged up slightly over the past week amid increasing HRC futures prices and rising local CRC prices.
More specifically, ex-China CRC offer prices from mills are at $555-575/mt FOB this week, up $5/mt week on week, while the tradable levels for ex-China CRC have been heard at $555-570/mt FOB, versus $550-565/mt last week.
During the given week, CRC prices in the Chinese domestic market have moved on an uptrend amid increasing HRC futures prices. Market players are cautiously optimistic as regards the future prospects for the CRC market. Following the Labor Day holiday (May 1-5), downstream users have not concluded new purchases yet. However, market players think demand will remain at decent levels, which will result in decreasing inventories and provide support for CRC prices. It is thought that CRC prices in the Chinese domestic market will likely edge up in the coming week.
Average domestic 1.0 mm cold rolled coil spot prices in China are at RMB 3,653/mt ($532.5/mt) ex-warehouse, increasing by RMB 50/mt ($7.3/mt) week on week, according to SteelOrbis’ information.
As of May 6, HRC futures at Shanghai Futures Exchange are standing at RMB 3,493/mt ($509/mt), increasing by RMB 115/mt ($17/mt) or 3.4 percent since April 28, while increasing by 2.34 percent compared to the previous trading day, April 30.
$1 = RMB 6.8562
