May 16, 2008

Chinese CR export prices continue to move up

It is reported that this week, export offers for Chinese steel products continue to move up despite flat or softening domestic prices.

Export quotation for Chinese cold rolled steel coil price has advanced substantially early this week due to surge in overseas market prices. Steel producers are still upbeat on future despite softening in home market

According to traders Offers for 1.0mm cold rolled steel coils are prevailing at USD 950 per tonne to USD 960 per tonne FOB a jump of USD 30 per tonne to USD 40 per tonne from last week. Supply are said to be quite tight and it is very difficult to get allocation even at the updated levels

Export prices seem to be on an upward trend and there is strong likelihood that there would be another increase of USD 100 per tonne in next one or two months, driven by the strength of international market prices and higher domestic level