Ex-China cold rolled coil (CRC) prices have continued their rising trend over the past week amid increases in local CRC prices.
More specifically, ex-China CRC offer prices from mills are at $530-550/mt FOB this week, up by $5/m week on week, while the tradable levels for ex-China CRC have been heard at $525-530/mt FOB, versus $520-525/mt FOB last week.
During the given week, CRC prices in the Chinese domestic market have risen against the backdrop of steady supply to the market and some speculative procurements at low prices. However, demand for CRC from downstream users has been sluggish as the Chinese New Year holiday is approaching, which will negatively affect prices in the near future. HRC futures prices have lately indicated downward corrections, which may weaken the support for CRC prices.
Average domestic 1.0 mm cold rolled coil spot prices in China are at RMB 3,523/mt ($503/mt) ex-warehouse, rising by RMB 23/mt ($3.3/mt) week on week, according to SteelOrbis’ information.
As of January 14, HRC futures at Shanghai Futures Exchange are standing at RMB 3,306/mt ($472/mt), decreasing by RMB 26/mt ($3.7/mt) or 0.8 percent since January 7, while decreasing by 0.09 percent compared to the previous trading day, January 13.
$1 = RMB 7.012
