Despite the slightly increasing trends of local CRC prices and HRC futures prices, ex-China CRC prices have moved sideways in the past week.
At present, export offers for CRC given by major Chinese mills are at $630-640/mt FOB for November shipment, moving sideways from the previous week. Meanwhile, the tradable level of ex-China CRC offer prices has been heard at $620/mt FOB, remaining stable compared to October 11. “Slight rises in local CRC prices and HRC futures prices have exerted a positive impact on export offer prices, though cautious sentiments have prevailed among market players,” an international trader told SteelOrbis.
During the given week, CRC prices in the Chinese domestic market have seen slight rises amid the prevailing wait-and-see stance among market players. Downstream users have mostly purchased as needed. Meanwhile, import iron ore prices have indicated a rebounding trend, bolstering CRC prices from the cost side. It is thought that CRC prices in the Chinese domestic market will likely fluctuate within a limited range in the coming week.
Average domestic 1.0 mm cold rolled coil spot prices in China are at RMB 4,290/mt ($597.5/mt) ex-warehouse, increasing by RMB 10/mt ($1.4/mt) compared to October 11, according to SteelOrbis’ information.
As of October 18, HRC futures at the Shanghai Futures Exchange are standing at RMB 3,747/mt ($522/mt), increasing by RMB 29/mt ($7/mt) or up by 0.78 percent since October 11.
$1 = RMB 7.1779
