Ex-China CRC prices remained stable over the past week due to the impact of the Mid-Autumn Day holiday and the steady trend in the local market.
At present, export offers for CRC given by major Chinese mills are at $1,020-1,040/mt FOB for November shipment, with the average prices stable compared to that on September 15.
“The fluctuating trend in HRC futures prices and the stable trend in local CRC prices affected the ex-China CRC offer prices, while the expectation for the future CRC prices is better,” an international trader told SteelOrbis.
During the given week, domestic CRC prices have remained stable amid the Mid-Autumn Day holiday (September 18-21) and expectations of some demand improvement after it. Following the holiday, HRC futures prices rose by 1.03 percent on September 22 compared to prices recorded on September 17, signaling market players’ improving sentiments towards prospect for the future market. As the long National Day holiday (October 1-7) is approaching, buyers from downstream users may build up some stock and exert a positive impact on CRC prices. It is thought that CRC prices may edge up in the coming week.
Average domestic 1.0 mm cold rolled coil spot prices in China are at RMB 6,433/mt ($997/mt) ex-warehouse, moving sideways compared to September 15, according to SteelOrbis’ information.
As of September 22, HRC futures at the Shanghai Futures Exchange are standing at RMB 5,761/mt ($890.4/mt), increasing by RMB 67/mt ($10.4/mt) or 1.18 percent since September 15.
$1 = RMB 6.4693