Ex-China cold rolled coil (CRC) prices have remained stable over the past week.
More specifically, ex-China CRC offer prices from mills are at $545-565/mt FOB this week, moving sideways on average week on week, while the tradable levels for ex-China CRC have been heard at $545-560/mt FOB, also remaining stable week on week.
During the given week, CRC prices in the Chinese domestic market have seen slight rises amid the support from some steelmakers raising their ex-works prices for delivery in April. Following continuous declines over the past few trading days, HRC futures prices gained 0.06 percent on April 8, indicating that market sentiments improved slightly following the announcement of the ceasefire in the Iran war. However, demand for CRC has not indicated significant improvements, which may weaken the support for prices. Meanwhile, iron ore prices have moved down, exerting a negative impact on CRC prices from the cost side. It is thought that CRC prices in the Chinese domestic market will likely continue to fluctuate within a limited range in the coming week.
Average domestic 1.0 mm cold rolled coil spot prices in China are at RMB 3,590/mt ($520/mt) ex-warehouse, increasing by RMB 7/mt ($1.0/mt) week on week, according to SteelOrbis’ information.
As of April 9, HRC futures at Shanghai Futures Exchange are standing at RMB 3,270/mt ($476/mt), decreasing by RMB 7/mt ($1/mt) since April 2, while down 0.15 percent compared to the previous trading day, April 8.
$1 = RMB 6.868
