It is reported that 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 4100 per tonne down by CNY 30 per tonne from last Friday. That for 1.2mm to 2.0mm CR sheet dropped by CNY 100 per tonne to CNY 4030 per tonne. 1.0mm CR coil by Maanshan is being quoted at CNY 3950 per tonne a decrease of CNY 80 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 offers remain at USD 510 per tonne to USD 520 per tonne FOB. Though there have been more quotations this week, no transactions are heard.
Import offers for 1.0mm CRC goes at USD 440 per tonne to USD 460 per tonne CFR Chinese ports and transaction level is believed to be USD 430 per tonne to USD 440 per tonne CFR.