The steel rebar price in Russia’s Central Federal District around Moscow was largely unchanged over the past week, with market participants believing the price has touched a ceiling and not expecting further rises.
Most local producers were still holding back their offers for July, although sources told Fastmarkets they expect a rollover of the latest prices.
Tula Steel was heard offering rebar to the secondary market at 75,000-77,000 roubles ($1,042-1,069) per tonne cpt, sources said, the same as last week.
Sources also reported Severstal was offering June-delivery rebar at 75,000 roubles per tonne cpt, steady on last week.
Offers from NLMK to stockists was heard at 69,500 roubles per tonne, with bookings reported at that level, Fastmarkets heard.
Meanwhile, buyers’ estimates of workable rebar prices were in the range of 69,500-75,000 roubles per tonne cpt.
In the secondary market, large traders were offering rebar at 80,000-83,000 roubles per tonne delivered, up from 79,000-80,000 roubles per tonne last week, sources told Fastmarkets.
As a result, Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), domestic, cpt Moscow, Russia was 69,500-75,000 roubles ($965-1,042) per tonne on Monday June 14, including 20% value-added tax, widening from 73,000-75,000 per tonne last week.
Demand from the construction industry in the region remains high – which is typical for this time of the year – but sources said they expect rebar prices in the region to stabilize in the near term.
“Buyers will not be able to digest new increases, the market is already overheated,” one trader said.
“We have problems with payment – credit lines are full, and we cannot open new ones,” a second trader said.
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