Flat steel suppliers to Russia’s Central Federal District around Moscow increased offer prices in the week to Monday August 24, encouraged by solid exports and good demand.
*** HRC sheet
Fastmarkets’ weekly price assessment for steel hot-rolled sheet, domestic, cpt Moscow, Russia was 42,000-43,000 roubles ($562-575) per tonne including 20% VAT on Monday, up from 41,000-42,000 roubles per tonne last week.
In dollar terms, however, the price was practically unchanged due to the weakening of the value of the Russian currency against the dollar.
The conversion rate was 74.78 roubles to $1 on August 24, compared with 72.84 roubles to $1 on August 17, according to exchange rate website Oanda.com.
The converted dollar price at the time of the previous assessment on August 17 was $563-576 per tonne.
One stockist said he agreed a purchase price for HR sheets of 42,000 roubles per tonne last week, while mills’ target for September is 43,000 roubles per tonne cpt.
*** buying activity in the HR sheet market
Traders that have stocking agreements with steel mills receive material into stock without payment and can buy agreed tonnages from the stocks they hold at any time during a given period at the price in effect at that time.
Generally, buying activity in the HR sheet market in the region was good during the assessment week. But buyers were still skeptical about further hikes.
“Demand is good, but it is not booming,” one source said. “Actually, we expect it to slow in upcoming weeks, so we are not sure about that 43,000 [roubles per tonne, cpt] mills want to get.”
“Now bullish exports encourage mill to push for increases at home, but the uptrend is not likely to last,” a second source said.
Fastmarkets’ weekly price assessment for steel hot-rolled coil, export, fob Black Sea, CIS was $475-480 per tonne on August 17, narrowing up from $460-480 per tonne a week earlier.
*** steel cold-rolled sheet
And Fastmarkets’ weekly price assessment for steel cold-rolled sheet, domestic, cpt Moscow, Russia was 47,000-47,500 roubles per tonne on August 21, up from 46,000-47,000 roubles per tonne last week.
One stockist said one of local producers suggested a purchase price for CR sheets in August at 47,000 roubles per tonne but he was not sure if he was going to accept it.
One of the key local suppliers, Novolipietsk Steel (NLMK), offered CR sheet prices for August at around 47,500 roubles per tonne cpt, while another supplier, Severstal was said to be targeting the substantially higher level of 49,000 roubles per tonne. That price was not included in the assessment as long as it was not considered workable by buyers.
*** steel plate
Fastmarkets’ weekly price assessment for steel plate, domestic, cpt Moscow, Russia was 41,000 roubles per tonne on Monday, narrowing from 40,500-42,000 roubles per tonne last week
Magnitogorsk Iron & Steel Works (MMK) indicated its target level for September at 41,000 roubles per tonne, while other suppliers were yet to announce their offers, sources said.
Alchevsk Iron & Steel Works – an asset in eastern Ukraine, a region currently controlled by pro-Russia rebels – was offering few tonnages at 38,5000 roubles per tonne cpt, according to sources.
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