Ex-China CRC prices have moved sideways in the past week amid the stable HRC futures prices.
At present, export offers for CRC given by major Chinese mills are at around $670-690/mt FOB on average, for February shipment, moving sideways on average from the previous week. Meanwhile, the tradable level of ex-China CRC offer prices has been heard at $660-665/mt FOB, remaining stable compared to that recorded on December 13.
During the given week, CRC prices in the Chinese domestic market have edged down amid the slack demand and the prevailing cautious sentiments among market players. Currently, inventory level of CRC has been at relatively low levels, though which might see increases in the coming period. The large-scale snowy and rainy weather in China will weaken the demand for CRC, which will exert a negative impact on its prices. It is thought 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 4,350/mt ($613/mt) ex-warehouse, decreasing by RMB 40/mt ($5.6/mt) compared to December 13, according to SteelOrbis’ information.
As of December 20, HRC futures at the Shanghai Futures Exchange are standing at RMB 4,058/mt ($572/mt), remaining stable since December 13, while which saw a rise of 0.69 percent compared to the previous trading day (December 19).
$1 = RMB 7.0966
