During the week ending September 11, prices in the Chinese domestic cold rolled coil (CRC) market have registered some small decreases. Average CRC prices in the local Chinese market can be viewed in the SteelOrbis price reports section.
During the week in question, transaction activity in the local Chinese CRC market has almost slowed to a halt. Amid the sluggishness in the domestic HRC market, local CRC traders lost confidence and cut their offer prices.
However, there are some positive factors in the market. Firstly, market insiders expect that domestic steel giant Baosteel will announce small increases in its prices for October shipment. Furthermore, as macroeconomic indicators for August contained some good news, hopes for the future prospects of the CRC market have improved a little.
Overall, it is expected that in the coming week Chinese domestic CRC prices will continue to trend down but at a slower pace.