China’s CRC exporters still mulling over prices for November

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Prevailing export prices for CRC remained at last week’s level of $570 per tonne fob.

“Numerous steelmakers have suspended their export quotation for the moment,” a trader in Shanghai said.

Most producers are still mulling their export prices over following a rebound in the domestic market.

“There have been no final export prices for November shipment, but they should come out before the middle of the month,” an official with a steelmaker in north China said.

Most steelmakers want to wait for Baosteel to release its October prices before setting their own prices for both the domestic and overseas markets, traders said.

Steelmakers also want to see if spot prices will bottom out anytime soon.

China’s domestic CRC prices stopped their decline on Tuesday.

In Shanghai, 1.0mm-thick CRC changed hands at 4,200-4,390 yuan ($663-693) per tonne, flat compared with Monday’s prices but 30-40 yuan per tonne lower than a week earlier.