The admission was made by Grigory Fedorishin, the company’s president and chairman of the management board, during a conference call with media on Wednesday July 31.
“The dynamics of the recent month show a sharp rise in the price of hot-rolled coil [HRC] in the US,” he said. “There have been three rounds of increases since the market hit bottom in June, which in total have pushed up offer prices by $70 per tonne. It is not clear whether the most recent rise will be accepted, though, because the market is unpredictable.”
The steel HRC index, fob mill US, was $29.85 per hundredweight ($597 per short ton, or $658.07 per tonne) on July 31. This was up from $25.54 per cwt on June 21, when the market...