Ex-China CRC prices have moved up sharply after the week-long holiday amid the rising trends in the local market and in HRC futures prices.
At present, export offers for CRC given by major Chinese mills are at $900-910/mt FOB for April shipment, moving up by $50/mt compared with January 26.
The tradable level for ex-China CRC has been at $890-900/mt FOB, moving up by $40-50/mt compared to that seen in late January before the holiday. “The bullish sentiments among market players following the long holiday have bolstered ex-China CRC offer prices,” an international trader told SteelOrbis.
CRC prices in the Chinese domestic market have risen strongly amid increasing HRC futures prices and the prevailing bullish sentiments among market players following the long holiday. Demand for CRC has improved, and will likely continue to improve in the coming period. It is expected that CRC prices in the Chinese domestic market will likely edge up further in the coming week.
Average domestic 1.0 mm cold rolled coil spot prices in China are at RMB 5,510/mt ($866/mt) ex-warehouse, moving up by RMB 137/mt ($21.5/mt) compared to January 26, according to SteelOrbis’ information.
As of February 9, HRC futures at the Shanghai Futures Exchange are standing at RMB 4,980/mt ($783/mt), rising by RMB 175/mt ($27.5/mt) or 3.64 percent since January 26.
$1 = RMB 6.3653
