December 04, 2008

CR steel prices jump up in China

It is reported that cold rolled coil prices in China have been catching up in China with an average increase of CNY 200 per tonne for cold rolled steel price in Shanghai this week.

On Shanghai market, price for 1.0 CR sheet is being offered at CNY 5520 per tonne; that for 1.0mm CR coil at CNY 5280 per tonne which compares with CNY 5330 per tonne and CNY 5100 per tonne recently.

Prices for 1.0mm CR sheet by Anshan Steel have jumped up to the level of CNY 5500 per tonne CNY 5600 per tonne in Shanghai which we have already forecast in last week's reports. Now we believe that prices for 1.0 CR sheet would even approach CNY 5800 per tonne to CNY 5900 per tonne if it could stay at CNY 5600 per tonne and up.

At the same time, steel makers also said that offers would be raised soon probably by USD 30 per tonne to USD 50 per tonne. Thus the updated level is likely to reach USD 670 per tonne USD 690 per tonne FOB for 1.0 CRC in the near future.