Currently, most traders in the Chinese CRC market are not inclined to sell at low prices, especially given that supplies are not so abundant. Hubei Province-based steelmaker Wuhan Iron and Steel Co. (WISCO) has lately raised its CR steel product offers for December shipment by RMB 50/mt ($7/mt). This has helped to boost confidence levels in the market and provide support for market prices. However, with the traditional slow season approaching for downstream industries such as automotive and white goods, domestic consumption of CRC products in China has declined significantly.
In the short term, it is expected that the Chinese domestic CRC market will just indicate slight fluctuations.