Domestic steel rebar prices in Russia have been rising recently and, moreover, local mills are aiming to announce even higher prices for November production.
Currently, local rebar prices in Russia are at $640-645/mt (RUB 56,000-56,500/mt) ex-works in the southern region, up by $11-17/mt (RUB 1,000-1,500/mt) over the past two weeks. However, in the northern region of the country, local offers have climbed up to $685/mt (RUB 60,000/mt) CPT for October production. Higher levels are expected to be announced for next month’s rolling.
“There is not much stock for rebar and the prices did not increase much during the summer. Buyers understand that, once the export duty is no longer there, prices will be higher and therefore they are trying to pile up stocks at the bottom price level,” a producer told SteelOrbis.