Ex-China cold rolled coil (CRC) prices have moved sideways over the past period amid the slight changes in HRC futures prices.
More specifically, ex-China CRC offer prices from mills have been at $530-550/mt FOB this week, moving sideways on average week on week, while the tradable levels for ex-China CRC have been heard at 520-530/mt FOB, the same as last week.
During the given period, HRC futures prices have seen slight changes, affecting CRC prices. Chinese major steelmaker Baosteel Group announced to keep its CRC prices stable for delivery in December, bolstering the prices to a certain degree. Some CRC resources have been in certain shortage, providing certain support to its prices. However, demand for CRC will unlikely see significant improvement in the near future as the storage for winter season will come later, which may result in declines in its prices. It is thought that CRC prices in the Chinese domestic market will fluctuate within a limited range in the coming week.
Average domestic 1.0 mm cold rolled coil spot prices in China are at RMB 3,527/mt ($497/mt) ex-warehouse, rising by RMB 7/mt ($1/mt) week on week, according to SteelOrbis’ information.
As of November 12, HRC futures at Shanghai Futures Exchange are standing at RMB 3,255/mt ($457/mt), increasing by RMB 2/mt ($0.3/mt) or 0.06 percent since November 5, while rising by 0.22 percent compared to the previous trading day, November 11.
$1 = RMB 7.0833
