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China CRC export offers soften, domestic offers hold for now
Date:Oct. 9, 2013
China’s domestic cold rolled coil market remained weak on Tuesday although prices in Shanghai held steady. Domestic transactions were slight as many buyers were not yet returning to market after the National Day holidays or were watching from the sidelines. Meanwhile, export offers also abated amid a lull in demand.
On Tuesday October 8, 1.0mm SPCC CRC was mainly traded at Yuan 4,320-4,400/metric ton with 17% VAT in Shanghai, level with Platts’ prior assessment on September 29. Similar material at Guangdong province’s Lecong market softened Yuan 10/mt to Yuan 4,320-4,380/mt with VAT.
A market source in Shanghai indicated north China-based Anshan Iron & Steel (Angang) and Benxi Iron & Steel (Bengang) were inclined to sustain prices by cutting output. However, a contact from Angang said overhauls of its production lines had been finished during June-August and he was unaware of any maintenance stoppages at the company recently.
Export offers for 1.0mm SPCC CRC stayed at around $615-620/metric ton FOB on October 8, the same as levels immediately pre-holiday but down $5-10/mt from September 24.
A major trader in eastern China said some mills’ new offers were not yet available, and some buyers were bidding at very low prices equal to production costs, hence it was difficult to seal deals at the moment.
China's official steel industry purchasing managers' index (PMI) retreated in September after two months’ increase, down 4.2 percentage points from August, according to the latest statistics. Serious oversupply remained a key factor capping any steel price rally.