Ex-China cold rolled coil (CRC) offer prices have increased during the past week, supported by the appreciation of the Chinese currency, to $560/mt FOB, up $5/mt on average week on week. At the same time, deals have been done at $550/mt FOB to the Middle East and Southeast Asia.
Most players in the Chinese market have left for their holidays. Thus, offer prices of CRC are unlikely to change in the coming two weeks. Average 1.0 mm cold rolled coil spot prices in China have remained stable week on week at RMB 4,423/mt ($642.4/mt) ex-warehouse, according to SteelOrbis’ information.
During the given week, demand for CRC has been very slack due to the proximity of the Chinese New Year holiday. Inventory of CRC has risen to some extent, though not recording big increases.
As of January 22, HRC futures prices at the Shanghai Future Exchange are standing at RMB 3,569/mt ($518.4/mt), decreasing by RMB 6/mt ($0.9/mt) or 0.17 percent since January 15.
$1 = RMB 6.885