Ex-China CRC prices have moved sideways over the past week as trading in both local and export markets has been limited, though slight rises have been seen in local CRC prices and HRC futures prices.
At present, export offers for CRC given by major Chinese mills are at $850-860/mt FOB for March shipment, remaining stable compared with December 29.
“The New Year holiday resulted in quiet sentiment among market players, while buyers may build up stocks in the near future, which will likely provide support for ex-China CRC offer prices,” an international trader told SteelOrbis.
During the given week, CRC prices have fluctuated within a limited range amid the New Year holiday and quiet demand from downstream users. Following the previous slight changes, HRC futures prices have rebounded in the past two trading days, which will likely bolster market players’ sentiments. It is thought that CRC prices may edge up slightly in the coming week.
Average domestic 1.0 mm cold rolled coil spot prices in China are at RMB 5,370/mt ($842/mt) ex-warehouse, up by RMB 4/mt ($0.63/mt) compared to December 29, according to SteelOrbis’ information.
As of January 5, HRC futures at the Shanghai Futures Exchange are standing at RMB 4,568/mt ($716/mt), increasing by RMB 112/mt ($17.6/mt) or 2.5 percent since December 29.
$1 = RMB 6.3779