It is reported that Chinese domestic cold rolled steel coil prices see small downward adjustment following a swift increase on last Monday. However it remains to be seen whether there would be further decrease as this is more likely to be a technical correction.
On Shanghai market, 1.0 millimeters CR sheet by Anshan steel dropped by CNY 50 per tonnes to CNY 4650 per tonnes from January 23rd. That for 1.2-2.0 millimeters CR sheet goes at CNY 4600 per tonnes, 1.0 millimeters CR coil by Maanshan at CNY 4550 per tonnes an increase of CNY 20 per tonnes and CNY 50 per tonnes from the same period of last month.
Export offer for DC01 1.0 millimeters CRC goes at around USD 620 per tonnes to USD 640 per tonnes FOB, stable with late last month. There is few export activity as steel makers are not willing to export at price lower than domestic sale level. There would not be any improvement in shipments to overseas countries if there is not higher profit rate than that in local market.