Ex-China CRC prices have moved on a stable trend compared to the previous week despite the decreasing trend in local CRC and futures HRC prices in the country.
At present, export offers for CRC given by major Chinese mills are at $620-625/mt FOB for September shipment, remaining stable compared to July 12.
The tradable level of ex-China CRC offer prices has been heard at $615-620/mt FOB, moving sideways compared to July 5. “Demand has been sluggish, while buyers have been unwilling to conclude purchases for CRC, weakening the support to prices,” an international trader told SteelOrbis.
During the given week, CRC prices in the Chinese domestic market have moved down amid the decreasing HRC futures prices. Meanwhile, the demand from downstream users has been slack in traditional offseason of hot summer, exerting a negative impact on CRC prices. At the same time, inventory has seen an increasing trend, also negatively affected CRC market. It is expected that CRC prices in the Chinese domestic market will likely edge down in the coming week.
Average domestic 1.0 mm cold rolled coil spot prices in China are at RMB 4,203/mt ($585/mt) ex-warehouse, decreasing by RMB 77/mt ($10.7/mt) compared to July 5, according to SteelOrbis’ information.
As of July 12, HRC futures at the Shanghai Futures Exchange are standing at RMB 3,819/mt ($532/mt), decreasing by RMB 32/mt ($4.5/mt) or down by 0.83 percent since July 5.
$1 = RMB 7.1765