The domestic Russian rebar market in Central Federal District around Moscow was quiet in the week to January 11 with market activity slowly starting to recover after the holiday break and most producers expecting to issue new prices for January deliveries later this week, several sources told Fastmarkets.
Russian rebar , Domestic market ***
Most major rebar producers in the region were yet to announce new offers for rebar in the domestic markets after an almost two-week long holiday break -there were public holidays in Russia from January 1 to January 11.
One producer had reportedly issued new offers for January deliveries at 65,000 roubles ($877) per tonne cpt for the domestic market, however, buyers considered this price to be too high for the moment, Fastmarkets heard.
“In the secondary market, 64,000-65,000 roubles per tonne cpt would be a workable price so obviously 65,000 [roubles per tonne] from a mill is too high,” one trader said.
Another major steelmaker was said to have placed some volumes with stockists at December-end, but they are yet to set the price, sources said.
“NLMK said that it has 40,000 tonnes of rebar available but gave no exact price. We expect to receive new prices later this week,” one trader said.
Traders that have stocking agreements with steel mills receive material into stock without payment so can then buy agreed tonnages from the stocks they hold at any time during a given period, at the price in effect at that time.
Another trader said he managed to book russian rebar from domestic mills at 61,500-62,000 roubles per tonne before holidays.
price assessment for rebar***
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), domestic, cpt Moscow, Russia was set at 61,500-62,000 roubles ($830-836) per tonne including 20% value-added tax on Monday January 11, up from 55,000 roubles per tonne before holidays.
The assessment was based on lates deals and “workable” price voiced by market participants.
Reference: metal bulletin
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