China’s CRC export prices increased slightly in the week to Aug. 31, in line with firmer domestic market and easing concerns about export duty in the short term.

         Platts assessed SPCC grade 1 mm thick CRC at $1,025/mt FOB China on Aug. 31, up $2/mt on the week. The spread between the export price of CRC and commercial-grade HRC was at $104/mt, widening $7/mt on the week.

         Some mills had suspended offers at the end of the month, while one eastern China mill lifted offer by $5/mt at $1,035/mt FOB. The offer was at similar level as domestic market and market participants still expect to see some improvements in September, said a Chinese trader.

         The possibility for export duty on CRC now seems not so high in the near term after the rebate removal, he said.

         In the Shanghai dealers' market, Platts assessed the same CRC grade at Yuan 6,400/mt ex-stock, including VAT, flat on the week.

         Platts assessed monthly SPCC grade 1 mm thick CRC at $1,065/mt CFR East Asia, up $93/mt on the month.

         Separately, Platts assessed 1 mm thick DX51D HDG with 120 g/sq m zinc coating at $1100/mt FOB China on Aug. 31, up $110/mt on the month.

         The 1 mm thick DX51D HDG in the Shanghai spot market was assessed at Yuan 6,810/mt, with 13% VAT, down Yuan 80/mt on the month.

         The monthly increase was mainly due to higher offers after the removal of 13% VAT rebate for export of HDG and CRC since Aug. 1. As China did not announce any export duty for September, it’s reported there were bookings for HDG from Southeastern Asia for Z40 and Z60.

-- Steel Business Briefing