Japanese steel mills have finished their negotiation with Chinese buyers about the price of cold rolled non grain oriented steel (CRNGO), increasing by US$20~US$30/ton for January, 2014 shipment.
However, the negotiated price of CRNGO has still reached yet at US$800/ton FOB although the price has been surged for three months in a row by Japanese steel mills.
In Chinese market, the demand for CRNGO is getting hectic owing to booming Japanese auto and white goods producers in China. Hence, the price of CRNGO is expected to grow on in short supply.
Market insiders predict the price could be hiked again by US$20/ton in early 2014 by Japanese steel mills.