During the week ending October 9, prices in the Chinese domestic cold rolled coil (CRC) market have continued to drop down slightly. Average CRC prices in the local Chinese market can be viewed in the SteelOrbis price reports section.
After the National Day holiday (Oct. 1-7), some traders have cut their offers to trigger demand, while others have maintained a wait-and-see policy amid the impact of Typhoon Fitow.
With small volumes of CRC supplies having arrived during the holiday, it is expected that supply volumes will increase in the first week after the holiday. Meanwhile, some leading steel producers have lately started maintenance work on their CRC production facilities, and this is expected to provide some support for market prices. Market insiders predict that an uptrend may be seen in the Chinese domestic CRC market after mid-October.