RUSSIA FLAT STEEL: Producers raise offers as rouble keeps losing value

Flat steel prices in Russia’s Central Federal District around Moscow continued to rise this week with the rouble losing further ground against the US dollar, while trading in the secondary market was reported to be slow, sources told Fastmarkets on Monday March 23.

Fastmarkets’ weekly price assessment for steel hot-rolled sheet, domestic, cpt Moscow, Russia, was 44,000-45,500 roubles ($550-569) per tonne on March 23, including 20% VAT. This was up from 43,000-44,000 roubles per tonne a week before.
In dollar terms, despite the increased offers in roubles, the price nosedived due to the softening of the exchange-rate value of the Russian currency.
On March 23, the dollar price for HR sheet was $550-569 per tonne cpt Moscow, compared with $581-594 per tonne on March 16.

The US dollar was trading at $1 to 80.03 roubles on...

Published

Julia Bolotova

March 23, 2020

16:40 GMT

Dnepr