The domestic steel rebar market in Russia’s Central Federal District around Moscow was broadly flat over the week due to producers holding back from making new offers, while buyers expect prices for May volumes to rise, Fastmarkets heard on Monday.Fastmarkets’ price assessment for steel reinforcing bar (rebar), domestic, cpt Moscow, Russia was 54,000 roubles ($697) per tonne, including 20% value-added tax on April 12, unchanged week on week.
Rebar offers for April volumes from Novolipietsk Steel (NLMK) and Severstal were heard at 54,000 roubles per tonne, sources said.
“Nobody gave new offers for May yet because producers are still estimating the situation. We expect an increase of about 2,000-3,000 roubles per tonne,” one trader said.
In the secondary market, large traders were offering rebar at 63,000-63,500 rouble per tonne delivered, up from 61,500-63,000 roubles per tonne the week before, sources told Fastmarkets.
Generally, sources expect rebar prices in the region to continue increasing on good demand from the key end-use sector, construction, and rising export prices, market participants said.
Construction activity in Russia typically slows in late autumn and early winter due to worsening weather conditions, before starting to recover again in late March, Fastmarkets understands.
“Construction activity is good from what we know, however, we don’t work with end-users directly anymore because the mills crowded us out,” a second trader said.
Trading sources have been buying less and less rebar from producers since the start of 2021 because mills preferred to sell rebar directly to end users through their trading arms, sources said.
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