Ex-China CRC prices have remained stable over the past week amid the slight increases in the local market, rising futures prices and better expectations for demand in the short term.
At present, export offers for CRC given by major Chinese mills are at $850-860/mt FOB for March shipment, moving sideways compared with January 5.
“Rising HRC futures prices and raw material prices have supported ex-China CRC offer prices,” an international trader told SteelOrbis. As the New Year holiday ended, overseas customers started to come back to the market and trading is expected to improve.
CRC prices in the Chinese domestic market have fluctuated within a limited range. HRC futures and spot prices have indicated a rising trend, exerting a positive impact on the CRC market, while as the Chinese New Year holiday is approaching, downstream users have been unwilling to purchase large volumes. It is thought 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 5,380/mt ($845/mt) ex-warehouse, up by RMB 10/mt ($1.6/mt) compared to January 5, according to SteelOrbis’ information.
As of January 12, HRC futures at the Shanghai Futures Exchange are standing at RMB 4,751/mt ($746/mt), increasing by RMB 183/mt ($28.8/mt) or 4.0 percent since January 5.
$1 = RMB 6.3658
