Ex-China offer prices of cold rolled coil (CRC) have edged up amid the rising trend in the HRC segment and increased local CRC prices.
At present, export offers for CRC given by major Chinese mills are at $820-840/mt FOB for May shipment, with the average offer prices moving up by $40/mt compared to February 24. The reference deal prices have reached $800-820/mt FOB for Southeast Asia and South America.
During the given week, CRC prices have moved up sharply amid the rising trend in HRC futures prices and the high levels of iron ore prices. Local HRC prices in China have gained RMB 170/mt ($26/mt) over the past week, pushing up CRC prices from the cost side.
Following production resumptions by downstream users, transaction activities have improved. Inventory of CRC has risen slightly due to rising production.
Average domestic 1.0 mm cold rolled coil spot prices in China are at RMB 5,700/mt ($883/mt) ex-warehouse, moving up by RB 87/mt ($13.5/mt) compared to February 24, according to SteelOrbis’ data.
As of March 3, HRC futures at the Shanghai Futures Exchange are standing at RMB 5,026/mt ($778/mt), increasing by RMB 210/mt ($32.5/mt) or 4.36 percent since February 24.
$1 = RMB 6.4565
