Ex-China CRC prices have moved sideways compared to the previous week. However, sentiments have been more positive than negative given the continuous recovery of local CRC prices and increased HRC futures prices.
At present, export offers for CRC given by major Chinese mills are at $620-625/mt FOB for September shipment, moving sideways compared to June 28. Meanwhile, the tradable level of ex-China CRC offer prices has been heard at $615-620/mt FOB, remaining stable compared to June 28.
“CRC producers haven’t received sufficient orders from buyers, while inventory of CRC has been at relatively low levels, which will bolster prices to some extent,” an international trader told SteelOrbis.
During the given week, CRC prices in the Chinese domestic market have edged up amid increasing HRC futures prices. However, hot weather has negatively affected the demand for CRC from downstream users. At the same time, cautious sentiments have prevailed among market players. It is thought that CRC prices in the Chinese domestic market will likely fluctuate within a limited range in the coming week.
Average domestic 1.0 mm cold rolled coil spot prices in China are at RMB 4,280/mt ($595/mt) ex-warehouse, increasing by RMB 63/mt ($8.8/mt) compared to June 28, according to SteelOrbis’ information.
As of July 5, HRC futures at the Shanghai Futures Exchange are standing at RMB 3,851/mt ($535/mt), increasing by RMB 26/mt ($3.6/mt) or up by 0.68 percent since June 28.
$1 = RMB 7.1968