Ex-China cold rolled coil (CRC) prices have moved sideways over the past week.
More specifically, ex-China CRC offer prices from mills are at $550-570/mt FOB this week, moving sideways week on week, while the tradable levels for ex-China CRC have been heard at $550-565/mt FOB, remaining stable week on week.
During the given week, CRC prices in the Chinese domestic market have fluctuated within a limited range amid increasing HRC futures prices. The rising prices of raw materials have bolstered CRC prices to a certain degree. Due to the Labor Day holiday (May 1-5), there will be limited demand release, which will result in rising inventories after the holiday, negatively affecting CRC prices in the near future. In addition, cautious sentiments have started to prevail among market players as the peak season for business is near its end. 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 3,603/mt ($525/mt) ex-warehouse, increasing by RMB 6/mt ($0.9/mt) week on week, according to SteelOrbis’ information.
As of April 29, HRC futures at Shanghai Futures Exchange are standing at RMB 3,407/mt ($497/mt), increasing by RMB 19/mt ($2.8/mt) or 0.6 percent since April 22, while up 0.80 percent compared to the previous trading day, April 28.
$1 = RMB 6.8608
