Chinese domestic CRC prices start to drop after stabilizing for several weeks and it is expected keep sluggish next week.
On Shanghai market, 1.0mm CR sheet by Anshan steel goes at CNY 4130 per tonne down by CNY 70 per tonne from last Friday. That for 1.2mm to 2.0mm CR sheet dropped by CNY 20 per tonne to CNY 4130 per tonne. 1.0mm CR coil by Maanshan is being quoted at CNY 4030 per tonne a decrease of CNY 50 per tonne.
Taking Shanghai price for 1.0 sheet by Anshan steel as benchmark, it is going to approach CNY 4000 per tonne in coming weeks. There would be rebound as along as CNY 4000 per tonne support holds. Otherwise, there will be further decrease.
Export offer has dropped to about USD 500 per tonne FOB as there has been an 8% increase in export rebate cut. Steel makers indicate that they will pay more attention to exports of CRC and there is chance for shipments to South Korea.