CIS long steel producers were in no hurry to make concessions to customers amid a number of positive factors in the market last week, sources told Fastmarkets.
*** raw materials costs
Market participants cited higher raw materials costs, comparatively higher prices from Turkish wire rod suppliers and consistently strong domestic demand for finished long steel products in some regions of Russia as factors supporting CIS export rebar and wire rod prices in October.
Rebar offers from Russia were heard at $460 per tonne fob Black Sea early this week against $450-453 per tonne fob last week.
“Domestic prices in Russia are still high because construction season is not over yet, especially in the center and in the south,” one trader said.
***Severstal and Novolipetsk Steel (NLMK)
Major rebar suppliers to the Central Federal District – Severstal and Novolipetsk Steel (NLMK) – increased their offers for November deliveries to 41,000 roubles ($527 per tonne), up from 40,000 roubles in October, Fastmarkets heard.
“The market is going to need some time to absorb an increase but I guess in a couple of weeks [time] the new price will be accepted,” a second trader said.
One Ukraine-based supplier was offering rebar at $460 per tonne fob Black Sea, however, market participants said there was no interest in CIS rebar at this level in foreign outlets because Turkish rebar was still available at $445 per tonne fob.
Several traders reported that official offers from Ukraine were high with major producers selling directly or through agents to the major outlets and offering preferential prices.
Market participants told Fastmarkets that the workable price for CIS-origin rebar was around $440 per tonne fob Black Sea.
*** CIS long steel , rebar
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), export, fob Black Sea, CIS was $440-460 per tonne on Monday October 19, up by $5 per tonne on the upper end.
*** CIS long steel , wire rod
Offers for Russia-origin wire rod material to foreign customers were heard at $505 per tonne fob Black Sea, up from around $500 per tonne fob last week, sources said.
Meanwhile, Ukraine-origin material was available at $510-515 per tonne fob Black Sea, Fastmarkets heard.
*** Turkish rebar
Turkish rebar offers were reported within the range of $505-520 per tonne fob depending on the destination, market sources said, adding that CIS-origin material was rather competitive.
“I guess the workable price won’t be under $500-505 per tonne fob Black Sea today,” a third trader said.
*** price assessment for wire rod
Fastmarkets’ weekly price assessment for steel wire rod (mesh quality), export, fob Black Sea, CIS was $500-505 per tonne on October 19, up from $490-500 per tonne a week earlier.
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