Demand in China's CRC market has remained sluggish in the past week as the Spring Festival draws closer, while some traders have still tried to increase their offer prices. On January 22, Baoshan Iron and Steel issued its price policy for March delivery ahead of schedule, raising its mainstream cold rolled products by RMB 200-300/mt ($31.8-47.8/mt). However, most domestic CRC traders have not increased their offer prices as they prefer to focus on increasing their sales volumes in order to bring in cash before the holiday. Meanwhile, Baosteel has not received as many orders as before as traders are still worried about the prospects for the future market.
Overall, it is thought that approaching the holiday period the Chinese domestic CRC market may be characterized by a soft trend with minor fluctuations.