Asian cold-rolled coil prices edged higher in the week to March 3, supported by limited movements in mill offers, though buying interest grew cautious amid ongoing geopolitical conflict.

Platts assessed SPCC-grade 1 mm CRC at $532/mt FOB China on March 3, up $8/mt week over week.

Export offers were reported at $535-$555/mt FOB China in the week to March 3, with sellers’ tradable levels heard at around $533-$540/mt FOB.

Market participants indicated that offers were largely unchanged week over week. Mills were firm on prices as Chinese ferrous futures had remained stable and the regional uptrend continued to support prices, a China-based trader said.

The trader added that the recent slight depreciation of the yuan could allow for negotiations of a few dollars, but mills were unlikely to cut offers significantly.

Freight costs and ongoing uncertainties in the Middle East were cited as key concerns, with some traders showing limited appetite to take new orders under current conditions.

Aside from the Middle East, trading activities in other regions were heard to have resumed as normal, said the China-based trader.

A deal was heard concluded on Feb. 27 at $536/mt FOB Jingtang for lots of 7,000 mt, according to a China-based mill source. However, the source added that the price was not for base-grade CRC.

Platts assessed the same CRC grade at Yuan 3,650/mt ($529/ mt) ex-stock Shanghai March 3, down $10/mt week over week, including 13% value-added tax.

The spread between CRC and SAE1006 HRC export prices widened by $2/mt week over week to $52/mt, with CRC prices outpacing HRC gains.