Russian steelmakers to up prices for car industry by 10-30 percent?

Tuesday, 18 May 2010 11:48:39 (GMT+2)

As of the start of July this year, leading Russian steel producers MMK, Severstal and NLMK reportedly may raise their steel prices for the domestic car industry by up to 30 percent, the Russian newspaper Kommersant has stated, adding that this would likely lead to higher prices of cars, with local carmakers also being forced to seek additional funds to replenish their working capital.

According to a Reuters report, which cites managers from some carmakers and a source close to AvtoVAZ, Russian carmakers including AvtoVAZ, Kamaz, Gaz, and Sollers have received notification from steel producers of a planned price increase of between 10 percent and 30 percent.

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