Russia rebar moved up on higher offers from producers, which stemmed from good end-user demand, sources told Fastmarkets on April 26.
*** Novolipietsk Steel (NLMK)
Rebar offers for May volumes from Novolipietsk Steel (NLMK) and Severstal were heard at 60,000 roubles ($۸۰۱) per tonne, up from 54,000 roubles per tonne in April, sources said.
Generally, buyers were likely to accept the current price, sources said.
“Considering that current demand levels are [good] and inventories are low, the new offers don’t come as a surprise,” one trader said.
Demand from construction – the key end sector for rebar – was good in Russia, which is typical of this time of year and is supporting the uptrend in prices, sources said.
In the secondary market, large traders were offering rebar at 68,500-69,000 roubles per tonne delivered, up from 67,200-68,000 roubles per tonne last week, sources told Fastmarkets.
*** Price assessment of Russia rebar
As a result, Fastmarkets’ price assessment of steel reinforcing bar (rebar), domestic, cpt Moscow, Russia was at ۶۰,۰۰۰ roubles per tonne, including 20% value-added tax on Monday, up from 56,000-57,000 roubles per tonne the previous week.
Concurrently, 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.
“We buy twice as less from mills because they prefer to approach end-users directly,” a second trader said.
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