Today, February 11, Russia-based steelmaker Magnitogorsk Iron and Steel Works (MMK) announced a price adjustment for all March production flat steel materials, raising its prices due to current trends in the local Russian market, expectations for a seasonal renewal of demand, and the producer's high production costs. Another factor is the weakening of the ruble in relation to the US dollar.
Thus, effective as of March 1, MMK's hot rolled sheet (HRS) prices will be between five and eight percent higher, its plate prices move up by five percent, its cold rolled sheet (CRS) prices will increase by between five and nine percent, its HDG prices will be four percent higher, while its PPGI prices will move up by five percent.