Domestic Russia rebar producers in Central Federal District around Moscow have withdrawn their offers for January supply in anticipation for returning at higher prices, several sources told Fastmarkets on Monday December 21.
Last week, domestic rebar prices in the region increased sharply with Russian producers citing strong exports as the key driver for the rise.
As a result, all major producers have reportedly withdrawn from the market this week to reconsider their offers.
Price assessment for Russia rebar***
“Exports prices for billet and rebar at exports are surging on a daily basis,” one mill source said.
In the absence of offers from domestic suppliers, Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), domestic, cpt Moscow, Russia remained on 55,000 roubles per tonne including 20% value-added tax on Monday December 21. Last week the price surged by 11,000-13,000 roubles from 42,000-44,000 roubles per tonne on December 7.
In the secondary market, rebar from large traders was heard offered at 61,000-62,000 roubles per tonne, up from 56,000-57,000 roubles per tonne in the week to Monday.
Exported Russia rebar***
The rebar export price in the Commonwealth of Independent States increased significantly in the week to Monday. Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), export, fob Black Sea, CIS rose by $30-40 to $630-650 per tonne on Monday, from $600-610 per tonne seven days earlier.
At the same time, there are talks in the market about the possibility of a rebar export duty in Russia, several sources said.
(Federal Antimonopoly Service of the Russian Federation (FAS***
“We heard that the complaint was lodged to the Federal Antimonopoly Service of the Russian Federation (FAS) about sharp rebar prices increase in the domestic market in the fourth quarter. And the price increase in the domestic market was justified by surging export prices,” one trader said.
“These are rumors only, nothing is decided yet, but we heard that an export duty might be imposed for rebar by early January,” a second trader said.
“We heard that a duty on rebar exports could be imposed to stop price rises in the domestic market. Nothing has been announced officially, however,” a second mill source said.
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