MMK to raise flat steel prices in January

Russian steel producer Magnitogorsk Iron and Steel Works (MMK) has announced that as of January next year it plans to raise its prices for hot rolled and cold rolled flat steel products by 3-5 percent compared to the current levels, citing a revival in foreign markets as well as continued growth in raw material prices. Furthermore, the weakness of the Russian currency has also contributed to upward adjustment of the company's flat steel prices.