Export prices for CIS long steel increased during the week to Tuesday March 9, even as trading activity remained limited, markets sources said.
Positive dynamics seen in the global scrap markets last week, as well as improved demand in the domestic long steel market in Russia supported export prices.
At the same time, customers in the overseas markets took a wait-and-see position to assess the situation.
“The market is coming to a standstill. No buyers are willing or able to pay these high levels anymore. It should cause a price drop soon,” one trader told Fastmarkets.
“On top of that, freight rates are going crazy,” he added.
Transport costs have risen globally in recent weeks following the surge in oil prices.
Russia-origin wire rod was available within the range of $730-740 per tonne fob Black Sea, depending on supplier, while Ukraine-origin material was reported offered at $740 per tonne fob.
Several sources on the customer side pegged a workable price at $700-705 per tonne fob on Tuesday.
Meanwhile, a source on the producer side said that last week customers were targeting $680-690 per tonne fob.
No fresh bookings were heard over the past week due to the mismatch between offers and customers’ target prices.
Fastmarkets’ weekly price assessment for steel wire rod (mesh quality), export, fob Black Sea, CIS was $705-740 per tonne on Tuesday, widening from $710-730 per tonne fob on March 1.
In the rebar segment, offers were limited as Russian suppliers concentrated on the domestic market.
Fastmarkets price assessment for steel reinforcing bar (rebar), domestic, cpt Moscow, Russia was 51,000-52,000 roubles ($685-698) per tonne, including 20% value-added tax, on Tuesday, up by 1,000-2,000 roubles per tonne from 50,000 roubles per tonne on March 1.
Recent rebar offers from Ukraine were heard at $660 per tonne fob compared with $650-655 fob a week earlier.
A source on the trader side estimated a workable price at $633-635 per tonne fob Black Sea.
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), export, fob Black Sea, CIS was $635-660 per tonne on Tuesday, widening from $640-645 per tonne fob previously.
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