Ex-China CRC prices have edged down compared to the previous week as the local market has faced more bearish sentiments with HRC prices and raw material prices retreating, while futures prices have also posted a significant drop, reflecting the market mood.
At present, export offers for CRC given by major Chinese mills are at $730/mt FOB for May shipment, edging down by $10/mt compared to March 15.
The tradable level for ex-China CRC has been heard at $720/mt FOB, also declining by $10/mt compared to last week.
“The decreasing trend of import iron ore prices has weakened the support for ex-China CRC offer prices, while the sentiments among market players are also very negative,” an international trader told SteelOrbis.
During the given week, CRC prices in the Chinese domestic market have moved down amid the declining trend of HRC futures prices. At the same time, cautious sentiments have prevailed among market players and so buyers have been unwilling to build up stocks. It is thought 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 4,737/mt ($689.5/mt) ex-warehouse, moving down by RMB 60/mt ($8.7/mt) compared to March 15, according to SteelOrbis’ information.
As of March 22, HRC futures at the Shanghai Futures Exchange are standing at RMB 4,286/mt ($646.2/mt), decreasing by RMB 152/mt ($22.1/mt) or moving down by 3.4 percent since March 15.
$1 = RMB 6.8715
