Chinese CRC market improves
2024-04-16 08:34:02 [Print]
BEIJING (Asian Metal) 16 Apr 24 - The domestic CRC market shows signs of warming up this week with prices of raw materials rebounding and the market inventory reducing, and traders in some regions lift prices tentatively. Presently, the prevailing prices of CRC SPCC 1.0mm*1,250mm*C hover at RMB4,150-4,200/t (USD573-580/t) and RMB4,290-4,340/t (USD593-600/t) D/P respectively in Tianjin and Shanghai, with the former up by RMB50/t (USD7/t) and the latter stable compared with last Friday. Given the demand from downstream industries remains far from strong, insiders believe prices of CRC would keep firm in the following several days.
"End users watching the market previously place orders gradually this week boosted by the prices rebound of HRC, steel billet and iron ore, and the CRC market performance improves. Therefore, we raised prices of SPCC 1.0mm*1,250mm*C to RMB4,200/t (USD580/t) and refused any concessions on Monday, while could accept the price as low as RMB4,150/t (USD573/t) last Friday," disclosed a trader in Tianjin. According to him, prices of CRC kept decreasing in the past two months, weakening the purchasing activities of end users. Presently, most end users hold low stocks and turn to active in purchasing when prices of raw materials go up. The trader sold 400t of the material at RMB4,200/t (USD580/t) on Monday, while just sold 200t or so a day early this month. He forecasts firm prices of CRC in the forthcoming several days since it takes time for downstream clients to accept the continuous price increases.
Presently, the trader holds around 5,000t in stock. With the typical monthly sales volume of 12,000t, the trader might sell 10,000t of CRC in April, up from 6,000t in March. He recorded the sales volume of 14,000t in the first three months of 2024 and 90,000t in 2023.
Another trader in Shanghai confirms the improving market. "The market saw active transactions on Monday," stated the trader, who sold 1,300t of CRC SPCC 1.0mm*1,250mm*C at RMB4,340/t (USD600/t) on Monday, and last sold 1,000t at RMB4,320/t (USD597/t) when quoted RMB4,340/t (USD600/t) last Friday. "We refuse any concessions at the moment, while had to provide kinds of counteroffers in the past two months dragged by the slow market," revealed the trader, adding that they suffer losses for the moment. The trader does not expect for a price rise in the coming several days given the relatively soft demand from downstream industries and predicts stable prices of CRC in the forthcoming several days.
Based on the regular sales volume of 60,000tpm, the trader might sell 45,000t in April, up from 30,000t in March. He roughly sold 75,000t in Q1 of 2024 and 500,000t in 2023, holding around 25,000t in stock at present.
"End users watching the market previously place orders gradually this week boosted by the prices rebound of HRC, steel billet and iron ore, and the CRC market performance improves. Therefore, we raised prices of SPCC 1.0mm*1,250mm*C to RMB4,200/t (USD580/t) and refused any concessions on Monday, while could accept the price as low as RMB4,150/t (USD573/t) last Friday," disclosed a trader in Tianjin. According to him, prices of CRC kept decreasing in the past two months, weakening the purchasing activities of end users. Presently, most end users hold low stocks and turn to active in purchasing when prices of raw materials go up. The trader sold 400t of the material at RMB4,200/t (USD580/t) on Monday, while just sold 200t or so a day early this month. He forecasts firm prices of CRC in the forthcoming several days since it takes time for downstream clients to accept the continuous price increases.
Presently, the trader holds around 5,000t in stock. With the typical monthly sales volume of 12,000t, the trader might sell 10,000t of CRC in April, up from 6,000t in March. He recorded the sales volume of 14,000t in the first three months of 2024 and 90,000t in 2023.
Another trader in Shanghai confirms the improving market. "The market saw active transactions on Monday," stated the trader, who sold 1,300t of CRC SPCC 1.0mm*1,250mm*C at RMB4,340/t (USD600/t) on Monday, and last sold 1,000t at RMB4,320/t (USD597/t) when quoted RMB4,340/t (USD600/t) last Friday. "We refuse any concessions at the moment, while had to provide kinds of counteroffers in the past two months dragged by the slow market," revealed the trader, adding that they suffer losses for the moment. The trader does not expect for a price rise in the coming several days given the relatively soft demand from downstream industries and predicts stable prices of CRC in the forthcoming several days.
Based on the regular sales volume of 60,000tpm, the trader might sell 45,000t in April, up from 30,000t in March. He roughly sold 75,000t in Q1 of 2024 and 500,000t in 2023, holding around 25,000t in stock at present.
