Chinese CRC prices drop
2024-03-19 08:29:30 [Print]
BEIJING (Asian Metal) 19 Mar 24 - After the markdown of around RMB100/t (USD14/t) in the past week, domestic CRC traders moved down prices further on Monday dragged by the slow market. The current mainstream prices of CRC SPCC 1.0mm*1,250mm*C stand at RMB4,240-4,300/t (USD589-597/t) and RMB4,320-4,380/t (USD600-609/t) D/P in warehouses Tianjin and Guangzhou, down by around RMB80/t (USD11/t) from last Friday. Given the pessimistic atmosphere in the market, insiders believe prices of CRC would edge down further in the forthcoming several days.
"We keep decreasing prices of CRC with the rising pressures of stocks and capital," sighed a trader in Tianjin, quoting RMB4,300/t (USD597/t) D/P with the concession of RMB30/t (USD4/t) for CRC SPCC 1.0mm*1,250mm*C. "Some peers even could accept the price as low as RMB4,200/t (USD584/t) to promote sales," he complained. In the meantime, the trader pointed out that reporting insufficient orders for final products as well as the low profit margins, end users remain inactive in production and thus the demand for CRC shrinks. Besides, the downward price trend heightened downstream clients' cautious attitudes and they strictly purchased from hand to mouth. The trader jut sold 100t of the material at RMB4,270/t (USD593/t) on Monday, while sold 200-300t a day in January. He deems prices of CRC would decline further in the coming several days.
Holding around 6,000t in stock, up from 4,000t in late January, the trader would sell around 6,000t of CRC in March, up from 3,000t in February. Based on the typical monthly sales volume of 12,000t, he roughly sold 90,000t of CRC in 2023.
"The market runs quietly. We just received two inquiries and sold 60t of CRC on Monday, while sold 200t or so a day in January," stated a trader in Guangzhou. Quoting RMB4,320/t (USD600/t) D/P without concession for CRC SPCC 1.0mm*1,250mm*C, the trader insisted on RMB4,400/t (USD611/t) last Friday. Attributing the price drop to the bearish atmosphere in the market, the trader pointed out that end users remain not in a hurry in purchasing seeing the downward price trend. Besides, the supply remains regular as steel mills guarantee the normal production of CRC for the considerable profits, and the market inventory rises quickly. The trader predicts a further price decline in the upcoming several days.
With the regular monthly sales volume of 5,000t, the trader estimates that the sales volume would achieve around 3,000t in March, against 1,000t in February. He recorded the sales volume of approximately 44,000t in 2023, holding about 4,000t of stocks.
"We keep decreasing prices of CRC with the rising pressures of stocks and capital," sighed a trader in Tianjin, quoting RMB4,300/t (USD597/t) D/P with the concession of RMB30/t (USD4/t) for CRC SPCC 1.0mm*1,250mm*C. "Some peers even could accept the price as low as RMB4,200/t (USD584/t) to promote sales," he complained. In the meantime, the trader pointed out that reporting insufficient orders for final products as well as the low profit margins, end users remain inactive in production and thus the demand for CRC shrinks. Besides, the downward price trend heightened downstream clients' cautious attitudes and they strictly purchased from hand to mouth. The trader jut sold 100t of the material at RMB4,270/t (USD593/t) on Monday, while sold 200-300t a day in January. He deems prices of CRC would decline further in the coming several days.
Holding around 6,000t in stock, up from 4,000t in late January, the trader would sell around 6,000t of CRC in March, up from 3,000t in February. Based on the typical monthly sales volume of 12,000t, he roughly sold 90,000t of CRC in 2023.
"The market runs quietly. We just received two inquiries and sold 60t of CRC on Monday, while sold 200t or so a day in January," stated a trader in Guangzhou. Quoting RMB4,320/t (USD600/t) D/P without concession for CRC SPCC 1.0mm*1,250mm*C, the trader insisted on RMB4,400/t (USD611/t) last Friday. Attributing the price drop to the bearish atmosphere in the market, the trader pointed out that end users remain not in a hurry in purchasing seeing the downward price trend. Besides, the supply remains regular as steel mills guarantee the normal production of CRC for the considerable profits, and the market inventory rises quickly. The trader predicts a further price decline in the upcoming several days.
With the regular monthly sales volume of 5,000t, the trader estimates that the sales volume would achieve around 3,000t in March, against 1,000t in February. He recorded the sales volume of approximately 44,000t in 2023, holding about 4,000t of stocks.
