Ex-China offer prices of cold rolled coil (CRC) have moved sideways in the past week following the downtrend in the previous week due to improved sentiments among players in the local market.
At present, export offers for CRC given by major Chinese mills are at $455-460/mt FOB for late June delivery, moving sideways compared to April 8. However, rare deals have been heard in the market, though the reference deal price was $450/mt FOB, to Southeast Asia and South America.
During the given week, ferrous metal futures prices in China have rebounded, exerting a positive impact on the CRC market. Market players’ sentiments have improved. However, inventories of CRC are still at relatively high levels, weakening the support for CRC prices.
Average domestic 1.0 mm cold rolled coil spot prices in China are at RMB 3,696/mt ($525/mt), up RMB 63/mt ($9/mt) compared to April 8, according to SteelOrbis’ information.
As of April 15, HRC futures at the Shanghai Futures Exchange are standing at RMB 3,196/mt ($454/mt), increasing by RMB 93/mt ($13.2/mt) or 3.0 percent since April 8.
$1 = RMB 7.0402
