Local flat steel prices in Russia have decreased significantly in Russia over the past month as the mills have announced fresh offers for September production. The decline, though being as large as $85-166/mt depending on the mill and the product, is more a result of local and export prices balancing out rather than of low demand and trade. “The valid export duty and the declining export prices globally have had a natural result on local prices, which have been too high for a while now,” a source told SteelOrbis. Still, the sellers say demand in the local market is not very good, taking into account rather the high stocks on the buyers’ side.
Local flats offers for September production, CPT
HR sheets |
RUB/mt |
$/mt |
RUB/mt |
$/mt |
MMK |
90,000 |
1,023 |
-10,000 |
-98 |
Severstal |
89,000 |
1,012 |
-11,000 |
-110 |
NLMK |
89,000 |
1,012 |
-16,000 |
-166 |
CR sheets |
||||
MMK |
100,000 |
1,137 |
-15,000 |
-153 |
Severstal |
102,000 |
1,160 |
-9,000 |
-85 |
NLMK |
102,000 |
1,160 |
-9,000 |
-85 |
Local prices in RUB include 20 percent VAT, while prices in US dollars do not.
$1 = RUB 73.3
