In the northern part of Russia, the domestic rebar prices of two mills - Tula and Severstal - are standing at RUB 40,000/mt CPT Moscow for October production. The dollar-based equivalent has lost $6/mt due to currency fluctuations to $428/mt CPT. According to sources, NLMK has announced its offer for November at $439/mt (RUB 41,000/mt) CPT.
Russian mills based in the southern region of the country have decreased their offers by $11-16/mt (RUB 500-1,000/mt) over the past month to $412/mt (RUB 38,500/mt) ex-works, SteelOrbis has learned. “The price decrease is more because of the fact that the offers rose too far in the previous round. Now the levels are more realistic,” a trader said.
Local rebar demand in Russia remains decent for now: however, market players are getting ready to see some slowdown due to seasonal factors, SteelOrbis understands.