During the week ending July 24, cold rolled coil (CRC) prices in the Chinese domestic market have witnessed a rising trend. Average CRC prices in the local Chinese market can be viewed in the SteelOrbis price reports section.
During the given week, major steel products in China have followed an overall upward price trend, also stimulating the upward movement of CRC product prices, while transaction activity for CRC has also improved a little.
After the previous period weakness of local CRC prices which lasted around five months, CRC prices in China will likely continue to move up in the short term in line with the uptrend of HRC prices. In addition, domestic CRC inventory has been declining for three consecutive weeks. Meanwhile, the room for upward movement of CRC prices will be limited as supply pressure still exists and as demand has not shown significant improvements.
As for the coming week, it is expected that Chinese domestic cold rolled coil prices will likely trend up further, though by a limited margin.