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CN CRC export price to move up further
According to Mysteel, export price for Chinese cold rolled steel coil is going to see another jump in the coming weeks as there is strong likelihood that export offers would increase by additional USD 50 per tonne to USD 70 per tonne in April or May 2008.
Expected increase in Chinese domestic market prices and the robust overseas demand are believed to be the major driver for the further rise in export quotations.
On Shanghai market, 1.0mm CR sheet by Anshan Steel is being quoted at CNY 6530 per tonne, 1.2mm to 2.0mm CR sheet is quoted at CNY 6400 per tonne. 1.0mm CR coil by Maanshan Steel goes at CNY 6350 pet tonne to CNY 6380 per tonne.
Mysteel believes that if we take price for 1.0mm CR sheet by benchmark, the next target would be CNY 6800 per tonne or even CNY 7000 per tonne as long as it remains above CNY 6400 per tonne.