Chinese CRC export prices decline
2023-03-23 08:23:43 [Print]
BEIJING (Asian Metal) 23 Mar 23 - Discouraged by lower prices in domestic market and soft demand from overseas market, Chinese CRC export market performed inactively amid falling prices this week. The current export prices for CRC SPCC 1.0mm*1,250mm*C hover at USD730-740/t FOB China, down by around USD10/t from one week ago. Given weak demand from overseas buyers but firm cost, insiders predict CRC export prices would keep flat in the following week.
An exporter in East China asked USD730/t FOB China without concession for CRC SPCC 1.0mm*1,250mm*C this Wednesday and did not close a deal at this price. "I ever quoted USD740/t one week ago and one regular client bid USD735/t, but I refused," he said, adding that clients did not give any response after getting offers this week, seeing prices remain on the downward trend. He last sold around 800t of CRC at USD720/t FOB China in early this month. Steel mills did not show intention to cut prices further upon firm cost regardless of weakening demand from overseas buyers, the source deems flat export prices in the coming week.
Reporting an export volume of nearly 10,000t in 2022, the company recorded a sales amount of almost 1,500t in the first two months of this year. It estimated the export volume would total nearly 800t in March, similar to February. It does not have stock at present.
"We quoted USD740/t FOB China for CRC SPCC 1.0mm*1,250mm*C on Wednesday and could make a concession of no more than USD5/t for regular clients," stated an exporter in Central China, adding that he insisted on USD745/t one week ago. However, he failed to conclude a deal in recent two week. He last sold around 1,000t of the material at USD725/t in the first week of this month. As overseas buyers delayed purchasing when prices went down, while most exporters did not want to cut offers further on firm cost. Under this situation, he predicts CRC export prices would level off in the coming week.
The company's export amount for CRC totaled about 25,000t in 2022 and roughly 4,000t in the first two months of this year. It would export nearly 2,000t of CRC in March, similar to February, holding no inventory currently.
An exporter in East China asked USD730/t FOB China without concession for CRC SPCC 1.0mm*1,250mm*C this Wednesday and did not close a deal at this price. "I ever quoted USD740/t one week ago and one regular client bid USD735/t, but I refused," he said, adding that clients did not give any response after getting offers this week, seeing prices remain on the downward trend. He last sold around 800t of CRC at USD720/t FOB China in early this month. Steel mills did not show intention to cut prices further upon firm cost regardless of weakening demand from overseas buyers, the source deems flat export prices in the coming week.
Reporting an export volume of nearly 10,000t in 2022, the company recorded a sales amount of almost 1,500t in the first two months of this year. It estimated the export volume would total nearly 800t in March, similar to February. It does not have stock at present.
"We quoted USD740/t FOB China for CRC SPCC 1.0mm*1,250mm*C on Wednesday and could make a concession of no more than USD5/t for regular clients," stated an exporter in Central China, adding that he insisted on USD745/t one week ago. However, he failed to conclude a deal in recent two week. He last sold around 1,000t of the material at USD725/t in the first week of this month. As overseas buyers delayed purchasing when prices went down, while most exporters did not want to cut offers further on firm cost. Under this situation, he predicts CRC export prices would level off in the coming week.
The company's export amount for CRC totaled about 25,000t in 2022 and roughly 4,000t in the first two months of this year. It would export nearly 2,000t of CRC in March, similar to February, holding no inventory currently.
