Ex-China cold rolled coil (CRC) prices have edged up over the past week amid increasing hot rolled coil (HRC) futures prices coupled with better mood and higher prices for domestic CRC in China.
At present, export offers for CRC given by major Chinese mills are at around $545-550/mt FOB, for October shipment, edging up by $5/mt on average week on week. Meanwhile, the tradable levels for ex-China CRC have been heard at $520/mt FOB, increasing by $5/mt on average from $515/mt FOB last week.
During the given week, CRC prices in the Chinese domestic market have moved up amid increasing HRC futures prices. Demand from downstream users has improved slightly, bolstering CRC prices to a certain degree. Besides, stock of CRC decreased, exerting a positive impact on its prices while market sentiments improved, which may push up CRC prices further in the near future.
Average domestic 1.0 mm cold rolled coil spot prices in China are at RMB 3,437/mt ($483/mt) ex-warehouse, increasing by RMB 24/mt ($3.4/mt) compared to August 21, according to SteelOrbis’ information.
As of August 28, HRC futures at the Shanghai Futures Exchange are standing at RMB 3,321/mt ($466/mt), increasing by RMB 9/mt ($1.3/mt) or 0.27 percent since August 21, while down 0.18 percent compared to the previous trading day, August 27.
$1 = RMB 7.1216