Ex-China CRC prices have indicated slight rises compared to the previous week, supported by the improved demand and prices in the local market and hikes in futures for HRC.
At present, export offers for CRC given by major Chinese mills are at $720/mt FOB for April shipment, increasing by $10/mt compared to February 15.
The tradable level of ex-China CRC offer prices has been heard at $710/mt FOB, rising by $10-20/mt compared to last week.
“The continuous rises in HRC futures prices and improved demand have exerted a positive impact on the CRC market,” an international trader told SteelOrbis.
During the given week, CRC prices in the Chinese domestic market have seen rises amid the resumption of demand and production. Transaction activities have improved gradually. At the same time, HRC futures prices have indicated continuous rises, also exerting a positive impact on the CRC market. Following big rises in CRC prices, market players have started to be cautious as regards the future market prospects. It is expected that CRC prices in the Chinese domestic market will rise by a further slight margin in the coming week.
Average domestic 1.0 mm cold rolled coil spot prices in China are at RMB 4,646/mt ($675/mt) ex-warehouse, moving up by RMB 186/mt ($27/mt) compared to February 15, according to SteelOrbis’ information.
As of February 22, HRC futures at the Shanghai Futures Exchange are standing at RMB 4,283/mt ($623/mt), rising by RMB 111/mt ($16.1/mt) or edging up by 2.7 percent since February 15.
$1 = RMB 6.8759
