China CRC, HDG export prices fall on declining domestic demand, currency weakness

Export prices for Chinese cold-rolled coil and hot-dipped galvanized coil were down during the week to Tuesday May 21 after Chinese producers adjusted their offers to remain competitively priced amid declining domestic demand and the weakening Chinese currency, market sources said.

The Chinese currency slid to 6.91 yuan to $1 on Tuesday May 21, compared with 6.73 yuan per $1 on Sunday May 6, one day before US president Donald Trump announced the US would raise tariffs to 25% from 10% on $200 billion worth of Chinese imports. Trade tensions between the two countries further escalated when China announced it would retaliate and impose duties on $60 billion worth of US goods from June 1. Cold rolled coil Fastmarkets MB’s weekly export price assessment for Chinese SPCC 1mm CRC was $545-550 per tonne fob China on Tuesday May 21, down $10-15 per tonne from a week earlier. Multiple shipments of CRC were sold to Southeast...

Published

Lee Ken Kiat

May 21, 2019

11:55 GMT

Singapore