Ex-China cold rolled coil (CRC) prices have moved sideways over the past week, though local CRC prices have kept rising amid increasing HRC futures prices.
More specifically, ex-China CRC offer prices from mills are at $545-560/mt FOB this week, remaining stable week on week, while the tradable levels for ex-China CRC have been heard at $540-555/mt FOB, moving sideways week on week.
During the given week, CRC prices in the Chinese domestic market have moved up amid increasing HRC futures prices. Optimistic sentiments prevail among market players. However, though inventory of CRC has been consumed, it still stands at relatively high levels, which might negatively affect prices in the coming period. The widespread rainy weather in eastern China has exerted a negative impact on demand, though the warmer weather expected in the near future will bolster prices to a certain degree. It is thought that CRC prices in the Chinese domestic market will likely rebound in the coming week.
Average domestic 1.0 mm cold rolled coil spot prices in China are at RMB 3,577/mt ($518/mt) ex-warehouse, rising by RMB 54/mt ($7.8/mt) week on week, according to SteelOrbis’ information.
As of March 18, HRC futures at Shanghai Futures Exchange are standing at RMB 3,310/mt ($480/mt), increasing by RMB 41/mt ($5.9/mt) or 1.3 percent since March 11, while up 0.21 percent compared to the previous trading day, March 17.
$1 = RMB 6.8909
