Ex-China CRC prices have moved sideways over the past week, with the overall expectations for post-holiday period being optimistic.
At present, export offers for CRC given by major Chinese mills are at $700/mt FOB for March shipment, remaining stable compared to January 11.
The tradable level of ex-China CRC offer prices has been heard at $690-700/mt FOB, moving $5/mt on average week on week.
“The increasing iron ore prices have provided solid support to CRC prices from the cost side, while the demand for CRC has been sluggish due to the approach of the Chinese New Year holiday,” an international trader told SteelOrbis.
During the given week, CRC prices in the Chinese domestic market have edged up a little, though demand from downstream users has remained slack due to the approach of the holiday. Downstream enterprises have been absent, resulting in low levels of transaction activities. It is thought that CRC prices in the Chinese domestic market will likely move sideways in the coming period.
Average domestic 1.0 mm cold rolled coil spot prices in China are at RMB 4,523/mt ($669/mt) ex-warehouse, edging up by RMB 20/mt ($3.0/mt) compared to January 11, according to SteelOrbis’ information.
As of January 18, HRC futures at the Shanghai Futures Exchange are standing at RMB 4,175/mt ($618/mt), decreasing by RMB 18/mt ($2.7/mt) or edging down by 0.4 percent since January 11.
$1 = RMB 6.7602
