CIS-based longs exporters, mainly the Russian exporters, have sharply increased their offers. The key reason is the uptrend seen in the Turkish scrap and longs market. However, demand is said to be limited as overseas buyers have mainly been placing low bids.
Russian mills are currently offering $430/mt FOB for rebar, up by $25-35/mt since early July. However, bids are reported at $415/mt FOB, which is not considered to be an acceptable level by the suppliers. Moreover, some producers continue to focus on local sales. The mills report their local prices are at $407-412/mt (RUB 35,000-35,400/mt) CPT Moscow, up by $7-12 (RUB 1,000-1,400/mt) since early July, with the products for August production. In the southern region, the offer is at $419/mt (RUB 36,000/mt) ex-works, producers report, up by $8/mt (RUB 1,000/mt) over the same period.
In the wire rod segment, ex-Russia offers for export are standing at $440-450/mt FOB, having increased by $15-20/mt over the mentioned period. No deals have been reported by the time of publication, though some negotiations are underway with buyers from Africa and Israel, SteelOrbis has learned.
Local prices in RUB include 20 percent VAT, prices in US dollars do not.
$1 = 71.66 RUB
