Russia’s Severstal reduces HRC export offers amid diminishing demand

Friday, 23 July 2021 12:54:02 (GMT+3)   |   Istanbul
       

Russia’s hot rolled coil (HRC) producer Severstal has cut its export prices over the past week amid slower demand, in the EU specifically. The approaching holiday season and the declining euro exchange rate has resulted in lower prices from the supplier and, moreover, has spurred its sales to more distant markets.

Severstal’s HRC prices for the northern part of the EU have decreased by $40/mt on the lower end to $1,200-1,240/mt FOB. Still, the market in southern Europe has been signalling weaker business and bids since offers from Russia have fallen from $1,040/mt FOB to $980-1,040/mt FOB depending on the volume and the customer. Taking into account the slower trade in Europe, Severstal has chosen to sell some volumes to more distant markets at $890-900/mt FOB Baltic.

Overall, with these deals Severstal has closed August production sales of HRC. The producer will ship around 200,000 mt in total, of which half the tonnage was sold to the northern part of the EU and the other half was traded to southern part of the EU and third markets, SteelOrbis has learned.


Similar articles

Flat steel prices in local Taiwanese market - week 13, 2024

28 Mar | Flats and Slab

European HRC prices keep falling, demand still shows signs of fatigue

28 Mar | Flats and Slab

Vietnam’s Hoa Phat and Formosa seek AD investigation on Chinese HRC

28 Mar | Steel News

Major steel and raw material futures prices in China - March 28, 2024

28 Mar | Longs and Billet

UAE’s HRC market still sluggish, offers from India fall slightly

27 Mar | Flats and Slab

Import HRC prices in Vietnam retreat again due to slump in China

27 Mar | Flats and Slab

Vietnam’s Hoa Phat produces nine millionth mt of HRC

27 Mar | Steel News

Major steel and raw material futures prices in China - March 27, 2024

27 Mar | Longs and Billet

HRC consumption in Mexico up 30.6 percent in January

26 Mar | Steel News

Local HRC prices sink further in Turkey

26 Mar | Flats and Slab