Ex-China CRC prices have moved sideways compared to December 22 and some upward sentiment has been seen in the market, but it has been limited by the change to a negative trend in ferrous metal futures prices.
At present, export offers for CRC given by major Chinese mills are at $850-860/mt FOB for February shipment, remaining stable compared with December 15. Some suppliers have been asking for $870/mt FOB, but the tradable level and some small deals have been at $850-860/mt FOB.
“CRC prices in the Chinese domestic market have remained stable, while ferrous metal futures prices have moved down within a limited range, affecting ex-China CRC offer prices,” an international trader told SteelOrbis.
During the given week, CRC prices in the Chinese domestic market have moved sideways amid the slack demand from downstream users. It is thought that CRC prices in the Chinese domestic market will likely continue their fluctuating trend in the coming week.
Average domestic 1.0 mm cold rolled coil spot prices in China are at RMB 5,410/mt ($849.3/mt) ex-warehouse, moving sideways compared to December 15, according to SteelOrbis’ information.
As of December 22, HRC futures at the Shanghai Futures Exchange are standing at RMB 4,558/mt ($715.5/mt), decreasing by RMB 51/mt ($8.0/mt) or 1.1 percent since December 15.
$1 = RMB 6.3703