The assessment of Russian flat steel shows that prices continue to fall due to oversupply. This situation indicates low demand in this market. Prices for flat steel products in Russia’s central federal district around Moscow fell sharply due to oversupply. Factories were forced to cut their bids to guarantee sales in the week ending Monday, September 20th. In the following, we will evaluate this market from the perspective of Metal Bulletin. Please be with Artan Press.
*** Evaluation of Russian flat steel from buyer power in the current market situation
According to sources, end users see the latest prices falling in favor of customers, and we have seen that this trend has stimulated purchases. However, demand for hot-rolled sheets has also improved due to low stock levels among distributors. They expect a drop in buying interest to lead to lower prices soon. Transactions included cold rolled and hot rolled sheets in both the primary and secondary markets. The Russian steel market does not have many buyers these days. Inventories were challenging in this situation.
*** Assess the rate of Russian hot rolled sheet in the market yesterday
The weekly Fast Market assessment for hot-rolled steel sheets, domestic market, Moscow, Russia, was 70,000 rubles ($ 960) per tonne on Monday, September 20, including 20% VAT. Russia’s hot-rolled sheet yesterday was accompanied by a significant drop in price. This amount has decreased by 5,000 rubles per ton from 75,000 rubles per ton in the previous week. Magnitogorsk (MMK) rolled steel sheet was offered at a price of 70,000 rubles per ton cpt. Shareholders also confirmed purchases from factories at this price.
*** The possibility of continuing falling prices in the Russian flat steel market
One shareholder estimated: “Prices are likely to fall to around 65,000-68,000 rubles per tonne. The same will be true for Russian flat steel. But none of the traders at those supply levels have done so yet.” “This is not our only company that has been struggling for some time [amid the market crash],” a major shareholder told FastMarket. The situation of the markets in the field of rolling is not very attractive. We see low inventory levels among many distributors.
*** $ ۱۰ HRC steel rate drop
The weekly Fast Market rating for HRC Steel, Exports, Black Sea FOB, CIS was $ 840-865 per tonne on Monday, down $ 5-10 from $ 850-870 per tonne last week. Meanwhile, hot-rolled coil output shipments as of Dec. 31 include temporary export duties of $ 115 per tonne. Shareholders reported good demand in the secondary market in the week ending Monday. Because some end users were no longer able to buy and had to buy. Russian flat steel will not be unaffected by these price developments.
*** Psychology of the steel market under Russia
“There is a demand, and psychologically, users of Russian flat steel find the current prices reasonable,” the major shareholder told FastMarket. The factories will focus on trade and market prosperity after a busy week of parliamentary elections in Russia and consultations between the government and business representatives. There is demand and the market may stabilize in the coming weeks. In the secondary market, the price of hot rolled sheets of large traders on Monday was 68,000-74,000 rubles per tonne cpt, which had dropped between 8,000-10,000 rubles per tonne from 78,000-82,000 rubles per tonne two weeks earlier.
*** Fast Market Look at the Steel Sheet Market
The fastest weekly price estimate for steel sheets, domestic, Moscow, Russia on Monday was 70 to 75,000 rubles per ton, down from 5,000 to 80,000 rubles per ton last week. One shareholder says that the price of sheets will not fall as much as hot sheets. In the hot rolled sheet sector, certain traders agree with the factories that they deliver the materials to their inventory without prepayment. These traders can buy the agreed tonnages from this inventory at any time at the current price of the period. The steel sheet market The Russian flat steel market will react to any movement.
*** Inventory assessment of steel sheet of Russia’s largest steel plant
A shareholder reported on Monday that 8-50 mm sheet of MMK factory is available at a price of hot rolled sheet – 70,000 rubles per ton. This amount has recorded a decrease in price of 5,000 rubles per ton per week. It should be noted that the price of cold rolled sheet decreased simultaneously with the downward trend in the hot rolling sector. The weekly assessment of the fast market for cold-rolled steel sheets, domestic, Moscow, Russia on Monday was 82,000 rubles per ton, which is a decrease of 4,000 rubles per ton compared to 86,000 rubles per ton last week. It remains to be seen what plans the country’s largest steel company will pursue for Russian flat steel.
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