Ex-China cold rolled coil (CRC) prices have moved up, following the rise in futures prices and the improvement in the local market mood on Tuesday, December 10.
At present, export offers for CRC from China are in a wide range of around $550-572/mt FOB, for January shipment, depending on the supplier and destination. Meanwhile, the tradable levels for ex-China CRC have been heard at $540-555/mt FOB, versus the range of $530-545/mt FOB recorded last week.
During the given week, CRC prices in the Chinese domestic market have moved up amid increasing HRC futures prices and supply shortages of certain specifications. However, demand from downstream users has been limited, exerting a negative impact on CRC prices. As the end of the year is approaching, some traders mentioned they would maintain their agency agreement volumes in the coming year, while fewer traders said they will reduce their agreed volumes. Meanwhile, since China has stated it will implement a “moderately loose” monetary policy in 2025, changing its monetary policy stance for the first time since 2011, market sentiments have been bolstered. It is expected that CRC prices in the Chinese domestic market will move sideways in the coming week.
Average domestic 1.0 mm cold rolled coil spot prices in China are at RMB 3,893/mt ($542/mt) ex-warehouse, edging up by RMB 16/mt ($2.2/mt) compared to December 4, according to SteelOrbis’ information.
As of December 11, HRC futures at the Shanghai Futures Exchange are standing at RMB 3,561/mt ($496/mt), increasing by RMB 36/mt ($5.0/mt) or 1.0 percent since December 4, while down 0.17 percent compared to the previous trading day, December 10.
$1 = RMB 7.1843