Ex-China cold rolled coil (CRC) prices have moved on an upward trend over the past week amid increasing local CRC prices.
More specifically, ex-China CRC offer prices from mills are at $570-580/mt FOB this week, up $10/mt week on week, while the tradable levels for ex-China CRC have been heard at $565-575/mt FOB, versus $555-570/mt last week.
During the given week, CRC prices in the Chinese domestic market have moved up further amid improved market sentiments. On May 12, major Chinese steelmaker Baosteel decided to raise its local base prices by RMB 100/mt ($14.6/mt) for cold rolled coil (CRC), for delivery in June, exerting a positive impact on market sentiments. However, most traders have started to hold a wait-and-see stance as regards the future prospects for the CRC market following the recent price hike. Firm raw material prices have provided support for CRC prices from the cost side. It is expected that CRC prices in the Chinese domestic market will fluctuate within a limited range in the coming week.
Average domestic 1.0 mm cold rolled coil spot prices in China are at RMB 3,697/mt ($540.5/mt) ex-warehouse, increasing by RMB 44/mt ($6.4/mt) week on week, according to SteelOrbis’ information.
As of May 13, HRC futures at Shanghai Futures Exchange are standing at RMB 3,481/mt ($509/mt), decreasing by RMB 12/mt ($1.8/mt) or 0.3 percent since May 6, while down 0.14 percent compared to the previous trading day, May 12.
$1 = RMB 6.8431
