Ex-China CRC prices have moved up over the past week amid the sharp rises seen in HRC futures prices and the upturn in the HRC segment.
At present, export offers for CRC given by major Chinese mills are at $920-930/mt FOB for May shipment, moving up by $20/mt compared to February 23.
The tradable level of ex-China CRC offer prices has been at $905-910/mt FOB, $20-25/mt higher compared to February 23.
“The big rises in HRC futures prices have bolstered market sentiment and exerted a positive impact on CRC prices,” an international trader told SteelOrbis.
During the given week, CRC prices have fluctuated within a limited range amid the big increases in HRC futures prices. The demand from downstream users has improved to some extent, though it is not as good as market players had expected. It is thought that CRC prices in the Chinese domestic market will likely move sideways in the coming week.
Average domestic 1.0 mm cold rolled coil spot prices in China are at RMB 5,497/mt ($868.4/mt) ex-warehouse, down by RMB 6/mt ($0.95/mt) compared to February 23, according to SteelOrbis’ information.
As of March 2, HRC futures at the Shanghai Futures Exchange are standing at RMB 5,138/mt ($811.7/mt), increasing by RMB 221/mt ($35/mt) or 4.5 percent since February 23.
$1 = RMB 6.3351
