S&P Global Commodity Insights' Platts assessed the SPCC grade 1 mm thick CRC at $845/mt FOB China May 10, down $50/mt on the week. The spread between the export price of CRC and commercial-grade HRC was $70/mt.

            Offers from Chinese mills remained scarce, and those available in the market were heard to be considerably reduced amid falling domestic prices and weak import demand. Buying interest remained largely absent as prices continued to fall. Chinese traders were also facing difficulties in finding buying interest as mill prices remained high.

            “It’s been like this for a few weeks now as prices continue to fall more, and more people are holding back their bids,” a Shanghai-based trader source said. “The problem now is nobody is giving any clear buying interest; even if we release offers at $800/mt [FOB China], no one will give any firm bids yet.”

            “We have offered to customers, but no bid, they are all choosing to stay on the sidelines, for CRC our offers are high because mill offers are still high, so we have to be around $850/mt [FOB China] level,” a second Shanghai-based trader said. “Even if we go just according to domestic prices, it is at least $840/mt [FOB China].”

            Meanwhile, offers from Taiwan mills were heard to be around $1,070-$1,080/mt on a CFR Malaysia basis for June shipment. “I think they will lower the price,” said a buyer source, as buying interest weakened.

            Platts assessed the same CRC grade at Yuan 5,350/mt ex-stock, including VAT, in the Shanghai dealers’ market, down Yuan 150/mt on the week.