China CRC export edges up with domestic market

09 September 2021
China CRC export edges up with domestic market

          China’s CRC export prices inched up slightly in the week to Sept. 7, amid lukewarm export demand despite the rising domestic market and HRC prices supported by China’s curbs on crude steel output this year.

          S&P Global Platts assessed SPCC grade 1 mm thick CRC at $1,026/mt FOB China on Sept. 7, up $1/mt on the week. The spread between the export price of CRC and commercial-grade HRC was at $102/mt, narrowing $2/mt on the week.

          While some mills kept offers stable, some other mills either suspended offers or preferred to negotiate one on one amid limited export allocations and the ongoing maintenance.

          Buyers were not so keen to book, after China’s prices became less competitive after the removal of the VAT rebate for export, said a Chinese trader. In addition, freight has risen quickly recently amid the port congestion in China, and the unclear policy for export duty has added to the export difficulty, he said.

          In the Shanghai dealers' market, Platts assessed the same CRC grade at Yuan 6,450/mt ex-stock, including VAT, up Yuan 50/mt on the week.

          The spot market continued to be supported by the outlook for improved demand in autumn and stricter output cuts in China, said a Shanghai-based trader.

 

--- Steel Business Briefing


Source : Steel Business Briefing

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