Delegates heard their opinions at the “Rebar, structural steel, steel frames and cement: the market trends” conference last week.
Steel First’s Russian domestic rebar price assessments have gone down by an average of 4,075 roubles ($76) per tonne since late January due to weak demand and a lack of funds in the market.
The assessment stood at 25,400-25,500 roubles ($471-473) per tonne cpt Moscow
, including VAT, on Monday April 13.
The World Bank expects the Russian economy to contract by 3.4% this year if the price of oil averages $53 per barrel, as a baseline scenario, following a 0.6% expansion in 2014.
A fall of almost 50% last year in the price of oil, the Russian state budget’s principal source of income, limited state investment prospects, including those for infrastructure projects which consume steel products.
Meanwhile, the sanctions imposed on Russia by the...