Ex-China CRC offer prices have remained stable over the past week amid the steady trend in the local market. At the same time, the tradable level has increased slightly amid the positive outlook, while trading has already fallen to a minimum ahead of the Chinese New Year holiday.
At present, export offers for CRC given by major Chinese mills are at $850-860/mt FOB for March shipment, moving sideways compared with January 19.
At the same time, the tradable level of ex-China CRC is at $850/mt FOB at the lowest for now, up from $840-850/mt FOB last week. “The quite stable trend of HRC futures prices has bolstered ex-China CRC prices,” an international trader told SteelOrbis.
During the given week, Chinese domestic CRC prices have moved on a stable trend amid sluggish demand as the Chinese New Year holiday is approaching. Most market players are already on holiday, resulting in a quiet market. And CRC prices in the Chinese domestic market will continue their stable trend in the coming week.
Average domestic 1.0 mm cold rolled coil spot prices in China are at RMB 5,373/mt ($850/mt) ex-warehouse, moving sideways compared to January 19, according to SteelOrbis’ information.
As of January 26, HRC futures at the Shanghai Futures Exchange are standing at RMB 4,805/mt ($760/mt), decreasing by RMB 10/mt ($1.6/mt) or 0.21 percent since January 19.
$1 = RMB 6.3246